"How's the Market" July 17th edition

“How's the Market?" is the question most frequently asked of us Realtors, and with good reason. The housing market is a reliable indicator of the overall health of the economy, regardless of whether you're buying, selling, or investing. Schools are out, summer heat has arrived, and? I’ll continue answering the question by sharing Monday morning updates on housing market activity in the geographical area shown above.

The? primary local-market indicators I track on a weekly basis continues to demonstrate the nationwide? housing inventory crisis. This past weekend reflected? another? flatline in week-over-week new listings hitting the market. And once again the number of detached properties going under contract exceeded the number of new listings. Let’s hope this trend turns around sooner rather than later as we still have have a long way to go to satisfy pent-up demand.

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Between Thursday July 13th and Sunday, July 6th

• 12 properties came on the market,
• 12 detached properties, ranging from $419,000 to? $2,195,000
• ZERO townhouses

During? the same period?

• 13? detached properties went under contract
• 7 were on the market 7 days or less, and of those
• 6 went under contract in 4 days or less

In order to provide a more thorough overview of the market, I track homes that have been on the market for 30 days or more. In the past, this category was ignored? by buyers just entering the market, but it is now recognized as overlooked opportunities.

In the first week of 2022, there were 32 single family homes in the 30+ days category. In the first week of 2023, that inventory was at 108 units. Today that number now stands? at 59.

• 20 of these homes are priced under $1,000,000, and of those, 11 had a price reduction.?
• 26 have been on for 60 days or more?
• 13 have been on the market for 120 days or more
• The current record-holder has climbed to 866 days.?

Market data can only get you so far, you need a guide (like me) to use it to your best advantage. If you’re contemplating venturing into the market, whether selling, buying, or investing, I’m here to help.

Pray for Peace in Ukraine.