Shift? or Dip? June Market Report

by Jay Cottrell

Quick look at the weekly data

Sales are trending down, both in terms of closings and pending contracts.
The number of new listings coming on the market is trending up, which is pushing up our number of active listings.
Prices are still moving up, but the rate of increase is slowing down.

June market overview

New listings are higher than last year but still lower than pre-pandemic levels.
Active listings are ticking up, but pending and sold listings are tumbling.
We didn't see the normal peak buying season this year, with pending contracts starting to trail off in April instead of June.
Total listing count is still higher than last year, but the balance between active, pending, and sold listings has shifted.
It's taking fewer listings to reach a balanced market now than it did last year.
Average sales prices are continuing to climb, but the rate of increase is slowing down.
We're seeing more price reductions, which is a sign of a changing balance between supply and demand.

What does this all mean? We're potentially seeing the beginnings of a shift in our local market, with a changing balance between supply and demand. However, it's too early to tell if this is a short-term or long-term trend.Interest rates are starting to decline, which could lead to increased demand and put pressure back on inventory levels.

What should you do? It's important to work with a knowledgeable real estate professional to help you navigate this changing market. Whether you're buying or selling, a qualified agent can provide valuable advice and guidance.If you don't have an agent, I'd be happy to talk to you about your real estate goals.

Conclusion. June was an unexpected month for our market, with a slowdown in sales and an increase in inventory. We'll need to wait and see what happens in July and August to get a better sense of where things are headed.I hope this information was helpful.

If you have any questions, please don't hesitate to reach out.