JUNE MARKET UPDATE

Remember when I said that we would hit a median sold price of $500k by August?  

IT HAPPENED IN MAY! 

The median price along with the rest of May’s stats are telling us the same story we’ve been hearing for most of 2021. Supply is down, demand is up, prices are skyrocketing. You can look at the stats yourself below. Honestly, I’m kind of tired of saying the same thing every month.

I DO feel like a change is coming. I want to emphasize the word “FEEL”. There are no stats to reflect this and it really is just a feeling I have had over the last week or two. Let me explain.

  • I’ve seen more and more properties come back on the market or fall out of contract. This tells me buyers aren’t just buying anything and everything out there anymore. 
  • I am seeing property that is overpriced stay on the market for more than a week or two! Listing agents are going to have to pay close attention to this and price homes accordingly over the next few months. You can’t just put a home on the market for 45k over comps and get offers anymore! Thank God!
  • I’ve put 2 buyers in contract in the last week for UNDER ASKING price and one of them was even CONTINGENT! It feels like buyers have a better shot at getting in something. Great news for young families trying to get in the market.
  • I’ve had more than a few clients reach out to me to list their homes! I know if I’m getting these calls, a lot of other agents in town are getting the same call. This tells me that there might be more inventory coming on the market in the next couple months! 
  • I’m more busy than I’ve been in a long time. This tells me we are in a strong market. Both sides of the ball are bustling. We have all kinds of buyers and all kinds of sellers! This is a good place to be!

Again, these items above are things that I’m noticing or feeling. There are no stats to back them up… yet. I think we will see the market flatten out over the next couple months!

PREDICTION

  • Median price is not topped out yet. We still have a lot of inventory coming on the market that is well over that $500k mark. I believe it will still rise, just not as fast as we are going now.
  • Days to contract will start to lengthen. With this being the summer after covid, families are taking more and more trips out of town. Homes will sit on the market a little longer than that 14 days we have now.
  • Listing agents will start to price properties a little more accordingly and the “percent over ask” will drop slightly.

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