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