July 2023 Newsletter: With Summer Comes Continued Low Inventory!

A year ago, we had concern over our low inventory and had hopes we would see it rise… Unfortunately, it has lowered even further. Number of listings on July 1^st, 2023, is the lowest on record for July and is down 28% lower than 2022. This lack of inventory has some buyers standing pat and waiting for the right property to come to market. This leads us to believe this lack of inventory will continue but we hope to see the levels increase over the next few months as we have typically seen in our market.

Average sale prices over the last quarter have both increased and dropped over the 2^nd quarter of 2022 depending on the market segment. We saw drops in Single Family Homes, Half Duplexes, Townhomes and Lots, while Apartment condos and hotel condos both saw increases. With the lack of sales (tied to lack of inventory) these can be deceiving as we have seen sale prices rise throughout the market segments.

Days on market in the last year have had slight increases which can be attributed to sellers pushing price points, so buyers have had a better chance (time wise) to make an offer and negotiate. In some situations, we are seeing sellers reduce pricing if they were too aggressive with their initial asking price. Days on market is still incredibly low so buyers must be ready to jump if the right property hits the market.

We hope you have a great July, and we would be so thankful if you could pass along our information if you know of anyone looking to buy or sell.

Stats, Graphs and full blog HERE.