Well, Summer is definitely here with temperatures in the triple digits. Our real estate market though is still looking very strong, with more supply than demand in many areas under $500K. So I would expect prices to continue to rise in these areas until supply catches up to demand, especially under $200K. Here’s a quick look at some major numbers from last month:
Total Monthly Sales were 9,091 which was up 3.4%
Active listings today are at 20,763 so we are at a 2.28 month supply of inventory
Monthly Median Sales Price Up 6.5% to $226,900
Listings for sale rose 4.9%
Listings under contract rose by the same number 4.9%
Average Days on market is down 5 days to 76 days.
A new metric we will start looking at it the Listing Success Rate. Last month it was 76.7%, which is very positive considering it was 66% at the end of 2014. This measures how many active and pending homes actually close escrow versus expire or cancel. So overall we are seeing some very positive numbers still, especially in the under $500K market.
This information is courtesy of the cromford report and can be found on my website as well.