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.
| • | Down 17.4% compared to the last month |
| • | Down 27.6% compared to the last year |
Home Listed in June 2015: 156 units.
| • | Down 14.8% compared to the last month |
| • | Down 6.6% compared to the last year |
Home Closed in June 2015: 192 units.
| • | Down 13.9% compared to the last month |
| • | Down 0.5% compared to the last year |
Home Placed under Contract in June 2015: 196 units.
| • | Down 0.5% compared to the last month |
| • | Up 3.7% compared to the last year |
June 2015 Average Sold Price per Square Footage is Neutral* Average Sold Price per Square Footage in June 2015: $145
| • | Down 5% compared to the last month |
| • | Up 9% compared to the last year |
June 2015 is a Seller's market* Months of Inventory based on Closed Sales in June 2015: 2.2
| • | 0% compared to the last month |
| • | Down 27% compared to the last year |
