Today, I’m here with a mid-year market update. As we move toward the end of June, we’re reaching the end of the summer market, so it’s important to stay informed on how things are changing. I’m here to help with this and tell you the information you need to know.
First, know that today’s market is still fairly strong. However, closed sales have gone down from 7,000 this time last year to 5,300 today. This is still far from a balanced market, and inventory isn’t quite meeting demand.
Another important statistic shows that our area currently has 2,600 listings and 2,400 pending homes. When thinking of this in terms of the inverted yield or curve between listings and pending homes, this is truly moving in the right direction.
“Today’s market is still fairly strong.”
When looking at activity, know that my office is seeing some strong, robust sales. There are typically multiple offers on homes in the $250,000 to $300,000 range, which means that demand is strong. It’s still a seller’s market, but more active inventory is coming online.
In addition, interest rates have climbed a lot since this time last year. This increase happened at the end of last year, and now things are very volatile. By this, I mean that there are days when rates will go up and days when they will go down. Things aren’t steady, but they are generally staying in the 6% to 7% range. This also depends on who you’re getting your mortgage from and what your credit score is.
Lastly, buyer activity is still strong, but it’s not as wild as it was recently. Many properties are still getting multiple offers, but now they’re getting five or six instead of 11 or 12. If you want more information on all of this, know that I would love to sit down with you and explain the market in more detail. You can call or email me anytime, and I would be happy to hear from you.