Happy June Everyone, I can’t believe the year is almost half over! I remember being 7 years old and thinking, “Summer’s here! I’m so excited! Summer Fun! Days at the beach! No school!” Now all I think is, “Summer’s here! It’s gonna be so hot.” Haha, how adulthood has changed my views of the world! Anyway, the Real Estate market is also warming up, so let’s take a look at the stats for April.
All meaningful numbers are up, while days on market drops slightly to 14 days on average per property. The main number that we have been tracking all year is the number of closed sales on both Single-Family Homes and Condos. As with the usual Summer trend, number of closed sales are way up over last month, but are not keeping pace with last year’s gains. That’s to be expected, since last year was such a gain, but it could be a sign that this year will end with slightly smaller gains than 2016.
The most notable single stat from the inventory numbers is the number of Condos sold in April, 540. This number is kind of high, and seems to be confirming our original theories. In past months, we have been hypothesizing that with higher median prices on Single-Family Homes, condo sales should push forward due to Buyers being priced out of the Home market. These climbing closed numbers continue to strengthen that hypothesis and we should see that continue through this month as well.
As for the overall market, we are still on pace for our annual projections on 2017. The Summer months tend to show more inventory, as people prepare to list their house early in the year, so more inventory should mean more transactions in the coming months. We will also continue to keep our eye on that closed-Condos number, and hope that the Single-Family home number keeps pace. A balanced market should keep homeowners appreciation consistent and the overall market strong.
Leave a Reply