Supply vs. Demand

The traditional prime “selling season” is wrapping up – yet the pent-up demand for housing remains very strong and does not appear to be cooling off as we head into fall.

 Unfortunately, with only three weeks of inventory in the $100,000 to $300,000 price ranges –which typically represents the first-time buyer market – finding enough to choose from continues to be a major challenge for buyers & brokers alike.

 The Median and Average SOLD prices for Single Family Homes remained unchanged from June.

 The Condo market saw a slight uptick in Median price, while the average price remained unchanged during that same period.

 Interest rates remained stable in July – hovering in the low-to mid 4% range for a 30-year fixed loan.

 First-time home buyers are lining up to get into the market and new household formations are happening.

 Our month-over-month market comparison of Single Family Homes showed a sharp drop in actual sales for all price points except the luxury market from the $1,000,000 to $1,999,999 range which saw a 15.7% spike from the previous month. The Condo market showed improvement in the number of sales in the $200,000 to $299,999 and $400,000 to $499,999 ranges respectively.

 Our year-over-year market comparison of Single Family Homes showed significant drops in actual SOLD properties from $0 to $299,999, but improvements across the board over $300,000 and an astounding 17% rise in properties over $2,000,000. The Condo market showed improvement in the number of SOLD units in every price range – in particular the $500,000 to $699,999 range where SOLD units have skyrocketed 161% year-over-year. The exception to the strong condo market is in the under $99,999 range, but that can be attributed to the fact that prices are increasing, and therefore it’s becoming more and more challenging to find condos in this price range.