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I hate to repeat myself, but…. The report on July’s market statistics is going to look a lot like June’s Market Statistics with one exception. I’ll get to that in a minute.
Pretty Good News
Compared to the previous month, the number of closed sales increased by 11.9% and the number of pending transactions was up by only 0.3%. The only slight increase in the number of pending transactions last month might cause us to expect an increase in the inventory of listings in August except that the number of new listings In July decreased by 8.2%.
When all was said and done, we ended up with a decrease in the inventory in months* from 8.2 in June to 7.3 in July. When our inventory was at 19 months at the beginning of this year, I never would have thought that we would have gotten to this level this quickly. Most analysts agree that a 6 month inventory is considered a “healthy market”.
The average sale price decreased by about $11,200 and the median increased by a mere $100. We’ve been seeing this mixed bag of in these two stats for a couple of months now.
A Glance Back at Last Year
The big difference in July’s statistics is seen when we compare 2008 to 2009. For the first time in over a year, the numbers were up for closed sales and pending sales (by 8.6% and 8.3% respectively) when comparing July of this year to July of last year. Of course, keep in mind that July 2008 was the first of some really rough months for banking.
So far this spring and summer, our market is holding on, and I expect it to keep plugging away until the end of November when the First Time Home Buyer Tax Credit expires. After that it’ll be a game of wait and see.
-Ron-
* The inventory in months shows us how long it would take to sell off all active listings on the market at the present rate of sales if no new listings were to hit the market.
