July’s Real Estate Market Report Preview
July saw a dramatic 51% increase in condominium inventory compared to last year. More inventory means more for buyers to choose from and sellers are competing for their offers. Condominiums under $300,000 have gone up over 5% in price year over year, ultimately pushing some inventory to the next price range. Properties over $300,000 had little or no price changes. Pending’s and closings were down year over year.
The best news for July real estate numbers is in the Single Family home market. Both the $300,000 to $500,000 and $500,000 to $1 million price points showed pending sales up by 15% each. $1 million to $2 million had pending’s increase by 8% with closings up by 5%. Closings in the $500,000 to $1 million were up by 13% compared to last year. Since builders have cut back on their inventory building, buyers may have been attracted back to the resale market. This is a confident start to a good 3rd quarter for single family homes. Single family home inventory went up overall 26% from last July. Properties under $300,000 did not have any increase in inventory consequently driving down pending’s and closings in that price point. In the under $300,000 range prices increased by 10% compared to last year with minimal changes in the $300,000 and above market.
Written By: Kathy Zorn