June Market Stats

RMLS just published the stats for June, 2017.

We've been feeling a bit of slowing in the market; its been discussed 1n Realtor facebook groups and in offices around the city. These new numbers show slight slowing, but not much.  Yes, there is usually some slowing in the summer, while folks are busy vacationing.  Comparing to previous years normalizes for seasonal changes.

Our inventory, which we count by the number of months it would take to sell the current inventory at our current rate of sales, is 1.6 months.    This is every so slightly up from 1.5 months.  It is thought that a balanced market, favoring neither buyer nor seller is somewhere around 5-6 months.  Clearly, we've got a way to go.

Our market time, the average number of days it takes to get a pending sale, is 38 days. This time last year, it was 48 days.  That's pretty quick, as this includes sale fails and over priced properties.

Our year to date median price is $375,000, as compared to $339,000 year to date at this time last year.  Year to date closed sales are indeed down 3.9%.

What does it mean?  It means the market is good.  For sellers, you can still get a reasonably quick sale on your property at a good price.  But don't count on a frenzy driving the price up far above comparable properties in your area.  Sellers often hope for that "California buyer who will pay over the value".  While folks from out of state may have an amount of money to spend, and find our properties reasonably priced, they too will look at neighborhood values.  For buyers, things are easing a bit.  You may be able to buy a property at or even slightly below the list price.  And we are seeing some contingent offers accepted (where a buyer must first sell their current house before being able to purchase a new property).

If you have questions about the market, or want more information.  Please get in touch. leslievjones@gmail.com  503-312-8038.