Hey Ben, How’s the Market?
Good and steady. It continues to be a seller’s market for the most part but buyers are enjoying even lower interest rates, those have to go up some day? We’ve been saying that for a while though, so when is anyone’s guess.
June was in line with April and May in terms of the supply and demand factor, we saw about 8,700 new listings and about 6,200 pending sales, resulting in the inventory creeping up a little, but still just below a three month supply.
Outside of the shortage of supply, the stats look great. Median sales price is up 5.5% YTD in 2016 vs. 2015, closed sales are up 5%, days on market down 15%.
More of the same as far as we can tell, good and steady leading into the Fall.