As Summer winds down and we all get ready to go Back to School, it will be interesting to see how this historically tight Real Estate market develops. Our amount of New Listings flattened out in July with basically the same amount of homes in the market as what we saw in June. However, slightly fewer homes sold in July than our June numbers.
This has caused our inventory levels to move to 0.82, which is just slightly up from the 0.66 Months of Supply we had at the beginning of last month. (This still means if we had no more homes enter the market, we’d sell through all the available homes in about 25 days!)
With the continued demand from Buyers, and a continued lack of homes in the market, we should see these Higher Prices continuing for the rest of this Quarter.
You can see from the chart below that this summer’s “Peak” number of homes in the market is actually lower than the 2019/2020 winter season, which is usually the time with the fewest number of homes on the market. This is highly unusual. Add on top the fact that our “Sales” are basically matching last years numbers, and I still expect more upward pressure on home prices this year.
In June, our average sale price reached a new record high of $338,877 (revised). In July, we slipped back from that peak, down slightly to $331,283. With the Median continuing to climb to $278,500, it seems these higher prices are here to stay across Washington and Benton Counties. We are continuing the upward trajectory of the last 5 years, at an accelerated pace.
What it all Means for You
If you’ve been thinking of selling your home, right now is a historically good time to do so. These market forces continue to push prices higher and higher across our region.
And even though the prices are already high, my clients been using my Preparation Plans and Top-Notch Marketing, and have been getting offers at $10,000, $20,000, even $30,000 over the average sales prices for their neighborhoods.
To see the strategies we’ve been implementing, Watch my “Pre-Listing Price Accelerator” Guide Here and see How To Maximize Your Home Sale. It will walk you through everything I’ve been doing to get these amazing results for my home sellers.
But then you run into the problem of finding your next place. Understandably, many potential home sellers have decided to stay put because they don’t think they’ll be able to find their next home with so few on the market. And that’s the big issue, the main problem to solve this year.
For this reason, I’ve put together a program to find “Hidden Inventory, Off Market Homes” for my clients.
This is my #1 Strategy to get you and your family out of your current home and into your dream home. Let’s see what we can find together!
Just click here to learn all about the “Hidden Homes” Move-Up Program!