For the first time in more than 5 and half years of compiling data for market reports when I ran the numbers for the end of June we had less than a years worth of inventory at the current rate of absorption. I am delighted for sellers to report there is only 10 months worth of inventory. That's awful close to a stable market where we will start to see some price appreciation again. Hear that buyers? Been sitting on fence wondering how long we were going to rock along ever so close to the bottom we hit back in 2013, well looks like it was until May of 2015.
Of course I believe we will have our typical seasonal setbacks come winter, but I see the market moving in a price upward direction from here. I just ran the numbers and there's about a 2% bump in price from June's average to the first 10 days of July. Interesting that sellers are demanding and getting more.
So in getting down to the numbers:
32 homes closed in June 2015 that were reported to our MLS. Off the charts for the past 5 and half years and typical of the numbers we saw in the boom market. And 140% of the best month in the past 5 years of data.
Price- eh? It was down ever so slightly to an average of $214,024. But with that average came of a couple of properties that had been on the market for more than a year with many price reductions and that were in terrible condition. And like I reported in my data above, we're made strides to recover from that slight decreases from May already in the first 1/3 of July.
Days on the market were also up from 113 in May as an average to 147, but I certainly expect as inventory clears out that will change.
If you are looking to sell and want to know what we think your house would sell for right now, give us a call or your information on "value my home" page on our site and we'll be in touch. Looking to buy before the prices put you out of buying a lake home? Check out our site Lake-Sinclair and you can browse our listings or even choose one of the the saved search options on the home page to fit your budget.
And if you'd like to get these market reports monthly just send me an email at firstname.lastname@example.org with "market reports" in the subject line and I'll email you the report about mid month every month. I never sell or abuse your email address.