It’s the back half of summer, and we’re really excited to get you the latest statistics for July. This time we’re going to be comparing it to the second quarter. Let’s get started:
• We had 1,826 new listings and 1,611 homes sold. Last quarter we had 1,662 new listings and 1,417 homes sold on average every month. So July went up in both of those aspects; the market is still going up.
• The median sales price was $450,000, and the average sales price was $502,012. This is compared to a $436,000 month-over-month average median sales price from April to June. The average sales price can be skewed by outliers, but even that is up from $490,000 a few months ago.
“It feels like the market has softened a bit.”
• July had an average of six days on market. That’s down from nine days on the market the previous months.
• Sellers tended to get 104.4% of asking price. That number has stayed consistent.
It feels like the market has softened a bit, though. You used to get around 20 offers on a home, but that feels like it has calmed down to being only a few offers instead of a crazy frenzy. Showings are down as well.
The difference between these indicators is leading vs. lagging. The statistics are the numbers from July which means they are lagging behind, but the softening of multiple offers and showings are leading indicators that show us where the market is heading. Even the July numbers are essentially a product of what happened in June.
It’s still a great time to buy, so if you’re thinking about getting a new home, give us a call, and we’ll help you out. Even if you just want to ask some real estate questions, don’t hesitate to reach out.
