Our analysis of the numbers
For Single Family homes, there was a decrease in new listings (-22.3%), pending sales (-17.0%), closed sales (-19.6%), and an increase in the days on market until sale (+88.2%). However, there was an increase in median sales price (+1.2%), average sales price (+1.0%), and a decrease in the percent of original list price received (-3.8%). The inventory of homes for sale increased (+8.6%), and the months supply of inventory increased by 33.3%.
For Condo/Town homes, there was an increase in new listings (+17.1%), pending sales (+12.9%), and a slight increase in closed sales (+3.6%). There was no change in the days on market until sale, while there was an increase in the median sales price (+2.3%) and a slight decrease in the average sales price (-1.0%). The percent of original list price received decreased (-3.9%). The inventory of homes for sale increased significantly (+56.7%), and the months supply of inventory increased by 87.5%.
It is important to note that percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size. The data also does not account for sale concessions and/or downpayment assistance.
How we are advising our clients
For Single Family homes, while there has been a decrease in new listings, pending sales, and closed sales, there has been an increase in median and average sales prices. If you're looking to sell, it's important to keep in mind that the market may require more patience than in previous years due to these changes. However, the increase in prices could make it a worthwhile venture. We believe the market strongly favors sellers at this time in the Single Family category.
For Condo/Town homes, there has been an increase in new listings, pending sales, and closed sales, and the median sales price has also increased slightly. While prices may be improved in the Condo/Town homes segment compared to last year's numbers, there are more condos on the market today than there where then. Sellers should expect more competition in this category. Buyers will expect more flexibilty in price and/or terms as there is quite a bit of inventory in this segment.
For Single Family homes, there has been a decrease in new listings, pending sales, and closed sales, along with an increase in the days on market until sale. There are fewer options to choose from, and the homes that are available may be more expensive than in previous years. A lack of inventory has slowed this segment significantly. Sellers are aware that they have more flexibility and seem willing to trade patience for a higher purchase price in the end. If you're in the market for a Single Family home, it's essential to have a clear idea of what you're looking for, remain patient, and work with an experienced with a member of our team who can help you negotiate. It's tough for buyers out there right now.
For Condo/Town homes, there has been an increase in new listings, pending sales, and closed sales, along with a slight increase in the median sales price. This suggests that the market is favorable for buyers to find some great deals. With an increase in inventory, now is an excellent time to start searching for your dream Condo/Town home.