Local Real Estate Monthly Market Update – July 2018

Local Real Estate Monthly Market Update – July 2018

This year was no different than any other spring market as we saw an influx of buyers in the market, but much to their surprise this year — we have very little inventory. This lack of inventory is restricting the amount of homes being sold and driving up prices. 

For the entire area, first quarter sales were 2.2% lower than last year, but the median sold price increased by 4.7% over the first quarter of 2017. Inventory was 17% lower than the end of the first quarter in 2017 and 29% lower than the end of the first quarter in 2016.  Typically inventory increases in first quarter, but for the first time in at least 10 years, inventory at the end of the first quarter is lower than at the end of last year.

Today’s market trend is starting to resemble the bubble we experienced from 2002-2006.  The Average End of Month Inventory was very low from 2000 to 2005. This was the housing bubble of the early 2000s – when buyers were taking advantage of record-low mortgage interest rates and buying. 

Bottom line is, if you’re looking to sell, now is a great time!  If you’re looking to purchase, be prepared, there are few homes for sale.  Hire an Expert Realtor who has the knowledge and skill to get you the best deal on your dream home.  

If you are looking to buy or sell, contact us.  We are happy to do a free consultation and help you explore your options.

Local Real Estate Monthly Market Update – July 2018