Detached Home Sales June/2nd Qtr
+24% in Units from 86 to 107/+30% from 230 to 298
-41% in Marketing Time from 85 Days to 50/-35% from 78 to 51
+<1% in Sales Price from $352,536 to $355,648/+6% from $323,456 to $342,571
Attached Home Sales/2nd Qtr
+10% in Units from 47 to 52/+26% from 115 to 145
-62% in Marketing Time from 68 Days to 26/-43% from 84 to 48
+15% in Sales Price from $186,692 to $215,042/+11% from $193,296 to $214,868
195 Active Residential Properties
273 Contingent Residential Properties
1.1 Months Inventory = Seller’s Market
We are now comparing like-kind Covid markets.
Inventory continues to be extremely tight. The coming months may open it up a bit with the Mylan closing.
First-time buyers and those looking in a price range under $250,000 are still in a highly competitive, very frustrating market.
The tight inventory is reflected in the increase of units sold coupled with the decrease of time on the market – more people are buying faster than the market can keep up. This being said, I am encouraged to see the softer increase of value in the single family detached category. I get a lot of questions about my thoughts on this being a bubble that will eventually pop. I have continuously been of the opinion the market will correct, yes, but not tank as we saw around 2008. Evidence of this is reflected in the quarterly appreciation rate being on par with the historical data of our market. Although we’re seeing properties going for higher than asking price, the increase in sales price is showing us, for the second quarter at least, it is not outpacing historical norms. The attached unit market, on the other hand, is substantially higher. Time will tell the long-term effect on this sector, although from this perspective I would doubt it will have an extended negative impact on our region as a whole.
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