The June market reflected continued strong demand and low inventory. However, signs are there that the market is shifting/turning, with a lot of negative numbers in year-over-year comparisons.
This could be good news for buyers but inventory will have to rise in the entry-level sector for first-time buyers to really feel a change. Year-to-date, new single-family home listings are down 5.4% and condo/townhomes are down 5.2%, and sales are down 5.3% and 15%, respectively.
Buyers are no longer driving up prices the way they have over the past 5 years. Single-family home sales prices are down 3.4% year-over-year, while condo/townhomes prices are down 1.0%.
While median days on market rose for both single-family homes and condo/townhomes, they are still very low. In other words, properties continue to sell quickly.
|Summary of the Numbers – July 2019*||Single Family Residences (SFR)||% Change Year-over-Year||Condo/ Townhomes||% Change Year-over-Year|
|Median Sales Price||$1,498,667||-3.4%||$765,000||-1.0%|
|Average Days on Market||40||19%||44||10%|
|Months of Inventory||2.1||37%||1.8||61%|
|% of List Price Received||98%||-1.7%||100%||-1.0%|
|New Listings (#)||166||-5.4%||41||-5.2%|
|Homes Sold (#)||158||-5.3%||37||-15%|
*Rolling 3-month average compared to the same period last year