July Market Snapshot:

Here’s a quick look at how the market is doing compared to this time last year and last month:

📊 Key Numbers (Compared to July 1, 2024)

• Active Listings (for sale):
  25,683 homes — up 42% from last year, but down slightly (-3.4%) from last month.
• Total Listings (including under contract options):
  28,862 — up 37% year-over-year, and also down 3.5% from last month.
• Pending Sales (offers accepted, not closed yet):
  4,523 — a small 2.6% increase over last year, down 1.6% from last month.
• Under Contract (includes all types of accepted offers):
  7,702 — up 4.1% compared to last year, but down 2.9% from last month.
• Monthly Sales (homes sold):
  6,629 — up 4.9% from last year, but 6.8% fewer sales than in May.
• Average Price per Sq. Ft.:
  $293.08 — down 0.8% from last year, and 2.4% from last month.
• Median Sales Price:
  $450,000 — same as last year, but down 1.1% from last month.

📉 What This Means

• Inventory dropped slightly since last month — mainly due to many listings expiring or being pulled off the market.
• Buyer activity is ticking up, likely helped by a small drop in mortgage rates and lower asking prices.
• Prices are softening, especially compared to May — good news for buyers, but sellers need to be realistic.
• Luxury homes remain steady, but fewer are selling during summer.
• Entry-level homes are still facing weaker demand.

🔎 Looking Ahead

• If interest rates stay low or drop further, buyer demand could pick up.
• The current dip in listings is more about sellers stepping back, not necessarily faster sales — so don’t expect a major shift just yet.
• Prices may stay flat or drop slightly over the next few months.
• Some expired listings may return in fall, or may now be offered as rentals.

📌 Bottom Line:

The market is stabilizing, with signs of life in buyer demand — but it’s still a cautious environment. If you’re thinking of buying, it might be a good time to watch for deals. If you’re selling, pricing realistically is key.

Need help navigating the market? Whether you are thinking of buying or selling, we are here to help you make sense of what’s happening and how it affects your next steps.

If you have any questions, please reach us directly.