Market update for July 2015

By
Industry Observer with Howard Sumner Consulting

“DOG DAYS OF SUMMER”

In recognition of the time of year this written report is much shorter

At the end of July 2015, closed sales are  up +8%, pending sales up +13 %, inventory down -11%, and interest rates down -2% from the year earlier.

As of the end of the week of August 7th the rig count in North Dakota is down -111 rigs since last year,     71 working in 2015 and 182 working in 2014.

 Let’s look at closed transactions, Number of closed sales in Yellowstone County,  1310  through July 2015 as compared to 1212 in July 2014 showing an increase in closed transactions of +98, which translates into a +8% increase year over year.

Residential pending unit sales in 2015 are up +13% year over year (420 units pending).  To compare; 2014 July pending unit sales (3371 units pending)

Interest rates decreased year over year comparing July 2015 (4.05%) to July 2014 (4.13%) interest rates declined -2%.

The residential active properties  for sale inventory in July 2015 (609  units active) is down -11% year over year, as a comparison, in July 2014 (683 units active)   

Market time (the time to receive any offer) in July shows an decrease of -6% year over year(47 days 2015 vs 50 days in2014).  The absorption rate of inventory shows an decrease of  -9% in time year over year 127 days 2015, July 2014 absorption time was 140 day’s.

Single family permits:  total single family permits for 2015 have an increased +13% year over year (2015 234 permits, 2014 208 permits). For July 2015 41 single family permits were issued a decrease of -2% over July 2014 saw 42 permits issued.

 

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Comments (2)

Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great information...thanks for sharing it and I hope you have a wonderful weekend!

Aug 20, 2015 11:29 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Howard Sumner that's a very detailed market report - facts with numbers to prove where market is heading! 

Aug 21, 2015 03:20 PM