July 2024 was a Seller’s market!
The number of for sale listings was up 64.8% from one year earlier and up 4.8% from the previous month. The number of sold listings increased 4.7% year over year and increased 9.9% month over month. The number of under contract listings was up 8.6% compared to previous month and up 14.5% compared to previous year. The Months of Inventory based on Closed Sales was 1.7, up 56.5% from the previous year.
The Average Sold Price per Square Footage was up 0.8% compared to previous month and up 4.9% compared to last year. The Median Sold Price decreased by 1.3% from last month. The Average Sold Price also increased by 1.2% from last month. Based on the 6 month trend, the Average Sold Price trend was “Neutral” and the Median Sold Price trend was “Neutral”.
The Average Days on Market showed a neutral trend, an increase of 46.7% compared to previous year. The ratio of Sold Price vs. Original List Price was 99%, a decrease of 1% compared to previous year.
The Average Sold Price per Square Footage was
Neutral*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The July 2024 Average Sold Price per Square Footage of $363 was up 0.8% from $360 last month and up 4.9% from $346 in July of last year.
The Days on Market Showed Neutral Trend*
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for July 2024 was 22, up 4.8% from 21 days last month and up 46.7% from 15 days in July of last year
The Sold/Original List Price Ratio was Falling**
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 99% was the same as last month and down from1% % in July of last year
Months of Inventory based on Closed Sales
The July 2024 Months of Inventory based on Closed Sales of 1.7 was increased by 56.5% compared to last year and down 5.7% compared to last month. July 2024 was Seller’s market.
Months of Inventory based on Pended Sales
The July 2024 Months of Inventory based on Pended Sales of 1.5 was increased by 37.5% compared to last year and down 6.3% compared to last month. July 2024 was Seller’s market.