We had record highs for home sales in June with 7,430 closings and a median sales price of $259,000. Total closing year to date is about the same as last year but will be less by years end with pending sales slowing down. Also new construction is starting to level off and not increase at the near record pace.
What does mean…this brisk sales market has been motivated by the near-record low interest rates, a excellent area economy and low inventory of especially low to moderate priced homes. At the end of June there was only 12,464 homes available and you need to go back to 2003 to find that number. Is the low inventory across the board at all price ranges…NO, most certainly not because some areas have an abundance of homes to in the 500,000-1,000,000 and price reductions and long sales times are common. It is specific areas and price ranges that are driving this current brisk market.
This kind of market is one that a real estate professional is extremely helpful…they can determine the market at the price range and area you are looking to buy or sell in and coach you how to prepare to be competitive with the correct expectations.
The author Jeff Anderson with RE/MAX Results has been an agent for 30 years.