Written by VIBE Owner/Broker Steven Anderson
A New Direction?
We've been eagerly awaiting the results that July would bring us for our Monthly Market Recap. With the constant upslope of the market since spring, we need to find out if the upward trends will continue, or if we will start to see some data that shows them leveling out. Well they're in, and they're interesting, so let's take a look.
We like to look at the Total Units Sold as our initial indicator of the action. This has been climbing consistently since January, but for the first time since then has begun to trend downward. It was approaching 7,000 last month, and has now fallen to below 6,000. This is a pretty large dip, but is actually still above the number we saw for most of spring.
Months Supply of Inventory has been floating around one month going all the way back to October, with all of 2021 actually landing below the one month line, but July saw it peeping over at 1.3 months. The Total Inventory of Homes has been on a slow climb for five months straight now, including July coming in at 7,141. These are both indicators of a bit more balance in the overall market.
For the Median Sales Price, we actually saw it stay almost exactly the same at around $350k, but the Average Sales Price did drop by a few thousand dollars, still coming in at over $400k. Encouragingly, the Average Days on Market did stay the same at exactly one week. Lastly, New Listings did come down slightly to just over 7,500 homes.
So, are we hitting a plateau? Or is this just the summer season lull that we've seen set in for every past year (with the exception of last year due to COVID-19 spikes at that time)? Given the healthy amount of total units solds at this time, and no major spikes or dips in the other categories, it appears that this is the seasonality taking shape. If that's true, we'll be looking at fall to bring in some solid sales numbers, as that tends to be the second busiest time of year in real estate.
Thanks for reading, and we'll catch you all next month!