July 2017 Real Estate Market Stats Recap
As you can see by the summary totals for the month, inventory of homes on the market have continued to decline and overall, we are sitting in a very tight Sellers’ Market.
- We currently have 7,980 homes actively on the market which represents an 21.90% decline over last year’s inventory during the same period
- The average number of days homes have been on the market was 54 days which is 0.06% better than last year’s same period
- The average sales price for a home sits at $258,538 which represents a 4.2% increase over last year’s average of $248,141. This can be attributed to the tightness of the market as well as overall market appreciation and consumer confidence
- 2017 YTD homes sold come to 21,317 which is also up by 12.3% over last year’s YTD of 18,988
- At current conditions, we only have a 2.4-month supply of houses available on the market to actually sell
- The last significant metric we are looking at here is the % to List to Sell and that still sits at 97%, which means that overall, Sellers gave up only 3% of their asking price to close a deal
When looking at these high-level metrics, obviously we have to layer in additional factors based on the individual buyer or seller goals, since these numbers are in relation to the total inventory for the month. Metrics are always a good tool in seeing how the overall landscape of the market plays out, and can certainly be used as a factor with all Buyers and Sellers.
The highest concentration of sales for the month landed in the $200,000 – $249,999 range with 636 homes sold on an average sale price of $224,243. The 636 homes represented 33% of the inventory on hand at that price range with the sellers giving up on average 2%.
July continues to have a limited supply of houses on the market to be sold, and as such we can expect Sellers not conceding too much on the asking prices of their homes, and in many instances probably entertaining multiple offers. This keeps an upper hand for the sellers when it comes to negotiating on the eventual sale price.
From a buyer’s perspective, if you see a home that you really want, please be aware of the current metrics when placing your offers, because if you come in too low there is a good chance that you may lose your chance at picking up the home you had your heart set on.
As stated this is a high-level look at the area, please give me a call, text, or email so I can go over your own personal objectives and provide you with insight and assistance on reaching your dreams in real estate.