Cheryl's on the Air with 770 KKOB-AM Radio
Home Sales: In June, a total of 1,075 homes and condos were SOLD. That is an increase from the 997 that sold in May. Not only is it an increase month to month, it’s also a significant jump from the 871 homes and condos that sold in June of 2014. Last month, in detached homes alone, we experienced a 23% jump in closed sales when compared to last year. Frankly, that’s great news for our market.
Price Point: Month to month, we've seen homes under $250,000 account for a large majority of sales. In June, however, it wasn’t as large of a chunk of sales that were used to seeing. Where we normally see anywhere from 74% of sales $250,000 and under, last month, that price range accounted for just 71% of the total sales. Still, that’s the mass majority of what sold. And, while we experienced a drop in activity in that price range, we actually saw an increase in the upper end of homes $500,000 and higher. In June, 5% of sales were in that price range. We haven’t seen that kind of activity in the upper end all year. This activity shows us that serious buyers are out looking and making serious offers!
More Highlights: Another highlight I want to mention is that both the average and median sales prices in June were at the highest they’ve been since 2008! Also, inventory increased from May to June with 1,175 homes and condos entering the market with a total inventory of more than 4,500 homes available. Based upon last month’s sales, 23% of available inventory sold. That’s 23 out of every 100 homes. That tells me that supply and demand in our market is still out of balance and even with all of the positive market signs; we remain in a buyer’s market and a price war and beauty contest. That’s why it is of the upmost importance to hire a professional, like myself and my team, to represent and guide you through the home selling or buying process! It’s imperative to have a professional on your side of any real estate transaction!
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