This is our monthly Market Data Report for June 2019 (compared with June 2018). Some may wonder why we compare exact month to exact month 12 months apart. This is because of seasonal averages which can change the variances. History suggests that comparing month-to-month year-over-year is statistically more accurate than comparing say, January to June.
In summary, the overall market is steady and strong. 30-year fixed mortgage Interest rates are at or around 3.75% and with the Fed lowering a key rate recently, mortgage rates may dip still more. Either way, a rate at or near 3.75% is a great rate for borrowers!
Nationally, overall home sales of single family residents dipped a bit by -1.7%. Lawrence Yun, Chief Economist at the NAR (National Association of Realtors) states that while there exists a solid demand for mid to lower priced homes, there currently exists an insufficient supply and this, in turn, is driving up prices on these mid to lower priced homes nationally.
Still, overall signs are positive nationally. All cash sales in June accounted for 16% of sales (22% in June, 2018). First time home buyers were responsible for 35% of sales in June (31% in June, 2018). Distressed property sales are only accounting for 2% of total sales in June (3% in June 2018). Any time we see reductions in all cash sales with an increase in first time buyers, the market is solid. Thus, all these numbers point to a continued strong market, and with interest rates well below 4%, this is a great time to purchase a home!! If you or someone you know is interested in starting the process, give me a call and I'll take good care of you (and them)!!
Moving on to our local numbers for June (as compared with June 2018):
Single family home sales are up 0.2% over June 2018. The median sales price ($257,450) is up a whopping 17.0% over June 2018 ($220,000). In reality, this type of sustained increase in median sales price, where exactly 1/2 of sales are both below and above the median number, is going to be difficult to sustain.
Sellers received 96.0% of their asking price (95.4% in June 2018). The median time from listing to a contract offer was 49 days (40 days in June 2018). And, the median time from listing date to closing was 85 days (82 in June 2018).
The inventory is stable, as well. As of June 30th, we had 1727 active listings (1715 in June 2018). New pending sales (under contract) in June were up 9.9% at 524 (477 in June 2018). And finally, the months' supply of inventory sits pretty steady at 4.2% in June (4.3% in June 2018).
The bottom line is: If you're considering on buying or selling a home right now, the market remains strong!! Interest rates are great for buyers. Sellers are pricing right so they're receiving over 95% of asking price right now, and the overall forecast is good well into 2020!!
For you buyers out there, check out my recent blog on the home buying process or give me a call and I'll be happy to review it with you. With rates this low, the current conditions are very favorable and I have great mortgage broker contacts!! Secure and lock in your rate while you can. Believe me, this is a decision that will pay off for many years to come!! Call, Email, or Text me today!!
I'll be back soon with more data and insight!! And for my dear friends at Riviera CC, I'll see you even sooner!!
(C) 386.334.4136 (Call or Text)