The trend continues unabated. The number of closed and pending sales in June outstripped the number of new listings by a country mile.  There were 192 closings in June, and 196 homes went under contract.  That’s out of a total inventory of only 414 homes for sale for the month of June. The result is that inventory levels remain extremely low, at a 2.2 month supply of homes for sale based on closed sales.  In fact, for the past 15 months inventory levels have averaged around a 3 month supply; the highest month January 2015 at 4.9 months.  A six month inventory is considered a balanced market between Sellers and Buyers.  What this means is that it remains a Seller’s Market:  the 196 homes that went under contract (which, incidentally, represented 47% of the 414 homes for sale), did so in 61 days.

Price Appreciation.  Property values continue to rise, although not at the double digit rates of appreciation of the past 3 years.  At a median price of $218,000, June was the second highest month this year, second only to May at $222,000.  However, the average sold price in June was $145/sq. ft., close to the $148/sq. ft. average.  This is an indicator that prices, although continuing to increase, are doing so at a more controlled and sustainable pace.  What remains a constant is the importance of properly pricing a home for sale.  Of the 192 homes closed in June, the average sold to list price ratio was 96%.

June 2015 is a Seller’s market*

Home For Sale in June 2015: 414 units.

Home Listed in June 2015: 156 units.

Home Closed in June 2015: 192 units.

Home Placed under Contract in June 2015: 196 units.

June 2015 Average Sold Price per Square Footage is Neutral*

Average Sold Price per Square Footage in June 2015: $145

June 2015 is a Seller’s market*

Months of Inventory based on Closed Sales in June 2015: 2.2