July brought us hot Summer weather and the end of the vacation for the kids. It also brought a little slowdown in the real estate market. May kicked us in high gear for our usual busy Summer real estate market with 219 new listings. There was a slight decrease in June at 197 new listings and July began the usual taper off of the busy season with only 190 new listings. This follows our usual trend for the Summer months.
Here's a breakdown of the stats for the month of July:
New listings - 190
Sold Listings - 158
Active Listings - 384
The average days that a home spent on the market was 54, which is up slightly from last year. The $250k-400k price ranges are what seems to have pushed the stat up a bit. Homes priced under $200k only stayed on the market (on average) under 26 days. Since home prices have climbed over the past year, the number of homes under $200k has decreased considerably.
The market is still a strong seller's market with only 2.5 months supply of homes available.* A shift to a buyer's market doesn't begin to take place until around a 6-7 month supply. We should continue to see a strong seller's market for a while. I'll be keeping a close eye on interest rates though. The Fed has indicated at least 2 more rate increases before the end of the year, which could begin to affect the market.
*Understanding how the "months supply of homes" is figured. If we take what is currently available on the market and divide that by how many homes have sold in the last month, the figure remaining is how many months it will take to sell all the homes that we currently have available. This is one of the best metrics we have for measuring the strength of the market.