June Market Update

June has arrived and we continue to see how conditions in our market like an upward trend in our average home price, a reduction in active inventory and new listings and a reduction of days to contract.

Let’s do the numbers….

Average home price is up! ⬆️ (+1.5%) Our average has rose from $494,500 last month to $502,000 - someone queue up the Cardi B. There are many factors causing home prices to continue to rise - low inventory, high demand, low interest rates, lumber supply delays, etc - we don’t see signs of these factors easing up any time soon.

New listings are down! ⬇️ (-9.1%) Our inventory has been fluctuating a lot in recent months - both new listings and active inventory. Overall, our supply is still short of the demand. While summer usually brings more inventory, that was not the case from May to June.

Days to contract are down! ⬇️ (-23.4%) Days to contract tend to decrease as we see more pressure on our short inventory. Have your pre-approval ready before you start shopping, and be ready to move fast because you’ve only got 14 days from the time the property hits the market to get your offer accepted.

As your Realtor ensuring you are making the most educated decisions is what motivates me. If you are looking to sell your current property, or buy your dream home, I am more than happy to help.