The supply of homes available for sale continues to shrink, resulting in higher prices.  At the end of July there was only a 1.9 month supply of homes.  A 6 month supply is considered a balanced market between sellers and buyers.  With a 1.9 month supply, if you are thinking about selling your home today, you will have little competition.  The following is a snapshot of the past 1 ½ years and why this is a “Seller’s Market”.

Date                      Months of Inventory      Median Sold Price           Days on the Market                       

July 2015              1.9                                          $220,000                              68

June 2015            2.1                                          $216,000                              61

Jan 2015               4.9                                          $199,000                              88

June 2014            3.0                                          $183,000                              70

Jan 2014               5.7                                          $158,000                              77

Less homes on the market, means less competition.  Less competition, means more buyers chasing fewer homes.  Less homes + more buyers = higher prices.  In July the median sold price was $220,000.  Up 1.9% from June.  Up 28% from January 2014.  Listing to Contract, 2 ½ months.  A great time to sell.