I think 2019 will be known as “The Shift.” Our market’s efforts to balance continued through June! We’ve not seen this many listings since October 2013. Over 9,500 homes were for sale by the end of the month (that’s 28% more than last June). Yet true to the spring season, prices remained strong as single-family properties closed on average just below $500,000. Since we’re still a bit short on inventory compared to buyers’ needs, we’re still a seller’s market.
But overall this spring hasn’t been as frenzied. Buyers took more time looking through the metro area’s selections to find the right home (homes spent 10 days on the market, which is 67% more time compared to last year’s 6 days). More inventory, more time, and low interest rates, this really is the best house-hunting season we’ve had in the last six years!
Of course when you break down the market trends by specific communities or neighborhoods, buyers or sellers will have a greater advantage. So contact me to discuss your custom needs and goals!
Source: DMAR Market Trends Report, July 2019