June 2020 Is A Buyer’s Market
A buyer’s market is when there are more than 6 months of inventory based on closed sales. A seller’s market is when there is less than 3 months of inventory based on closed sales. A neutral market is when there is 3 – 6 months of inventory based on closed sales.
Home sales (Sold) were 258, down 28.3% from 360 in June of 2019 and 31% higher than the 197 sales last month.
Current inventory (For Sale) of properties available this month is lower by 82 units or 3.4%. This year’s smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is down 4.4% compared to the previous month.
Homes for sale under contract (Pended) was an increase of 44% in the pended properties in June, with 481 properties versus 334 last month. This month’s pended property sales were 26.2% higher than at this time last year.
The Average Sold Price Per Square Foot Is Neutral*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The June 2020 Average Sold Price per Square Footage of $335 was down 16.2% from $400 last month and down 5.1% from $353 in June of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days On Market Shows Upward Trend*
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to
indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for June 2020 was 103, the same as last month and down 2.8% from 106 days in June of last year.
The Sold/Original List Price Ratio Remains Steady**
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 89% is down 2.2% % from last month and up from 6% % in June of last year.
* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
The Average For Sale Price is Neutral*
The Average For Sale Price in June was $1,265,000, up 3.5% from $1,222,000 in June of 2019 and up 2.5% from $1,234,000 last month.
The Average Sold Price is Neutral*
The Average Sold Price in June was $665,000, up 0.6% from $661,000 in June of 2019 and down 8.5% from $727,000 last month.
The Median Sold Price is Neutral*
The Median Sold Price in June was $358,000, up 2.3% from $350,000 in June of 2019 and up 8.5% from $330,000 last month.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
Months of Inventory based on Closed Sales
The June 2020 Months of Inventory based on Closed Sales of 9.1 was increased by 35.6% compared to last year and down 26.5% compared to last month.
Months of Inventory based on Pended Sales
The June 2020 Months of Inventory based on Pended Sales of 4.9 was decreased by 23.6% compared to last year and down 32.7% compared to last month.
