Now that we’re more than halfway through the summer of 2019, it’s time to check in on our current market conditions.
This July, 8,724 new homes hit the market which is a slight decrease from the 9,090 that were listed during that same month last year. The number of active listings also dropped year over year, but only by a little over 300 homes, with there being 17,365 active listings in July of 2019 compared to the 17,695 that were on the market last year.
The number of homes sold, meanwhile, actually rose, with 9,344 having sold this July, compared to the 8,544 homes that sold in July of 2018. This rise is also reflected in the amount of inventory available today. We currently have 1.86 months’ worth of supply. Last July, there were 2.07 months of available inventory.
So what does all of this mean? First of all, sales are up. Not only that, but homes are selling fast. With less than two months of available inventory, we’re in a red-hot seller’s market right now. There simply aren’t enough homes to satisfy buyer demand, so smart sellers are making their move and taking advantage of these incredible conditions.
Buyers, too, have a great opportunity before them. Interest rates are extremely low, which means purchasing power is high. This makes upsizing (or downsizing) more affordable than ever.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.