Market Update: Analyzing Residential Real Estate Trends in July

Gain valuable insights into the local real estate market.

Welcome to the July 2023 market update! Today, we’ll be diving into the residential real estate activity in your area, specifically for June. Let’s get started!

Inventory Trends:
During June, the number of active listings decreased by 25.9% compared to the previous year, and by 21% compared to the previous month. This decline in inventory means that buyers who held off on their purchase may have had a more limited selection of homes to choose from.

Pricing Insights:
The median listing price for the month was $595,000, showcasing a comparison to the previous year. Additionally, the average number of days properties spent on the market before being sold increased by 88.2%. This longer time on the market could potentially indicate a slower turnover rate in the local inventory.

Sales Performance:
In terms of sales, the median sales price stood at $414,000. However, the number of units sold experienced a decline of 24.8% year over year, along with a 17.7% decrease compared to the previous month. This decrease in sales activity may present an opportunity for buyers to negotiate better terms.

If you require further assistance or would like additional information, please don’t hesitate to reach out to us. Our team is here to help you navigate the ever-changing real estate landscape, so call or email us anytime.