The Real Estate Market continues on in a steady pace of low Inventory and strong demand, however it is feeling like our early predictions of a more balanced market by August may be coming true! The Market definitely showed some signs of the brakes getting tapped a little in June as Showings per day decreased, Listings coming back on the Market increased and the number of Price Reductions saw a steady increase. The biggest factor of slight changes was we finally saw our Active Listing Inventory at 3,122 the end of June, and that was the first time we have been over 3,000 for many months!
The Average Price of a Single Family Home was at $728,385 in June, with Condos/Townhomes holding an Average Price of $440,066! Wow is an understatement! These prices surely don’t feel like a market shift at all, but we will probably start to feel those soften during the second half of the year!
The Mid Year Report shows what an amazing first half of the year we have experienced, with New Listings just 1.99% less than the first six months last year. The market Closed 29,835 Residential properties in the first half of 2021, compared to 25,847 in the first half of 2020. That is a 15.4% increase! The Luxury Market is the biggest reason for Average Prices increasing so much in 2021! The Luxury Market above $1M Closed on 2,500 homes the first six months of 2021, while the first six months of 2020 only Closed 1,050! That is a whopping 138% Increase in the number of Luxury Homes Closed, while the Volume for Luxury Homes Closed for the first half of the year is almost $4Billion vs only $1.5B in 2020!
This is definitely a time to focus on Pricing a New Listing correctly, and keep an eye on Showings the first 7-10 days. Be very careful promising many multiple Offers, as we may see longer days on the market, and not as many offers!
The great news is that Buyer demand continues to be very strong, and we are planning to have an amazing second half of the year!
Make it a great day!