Park Circle Market Update – July 2021

Park Circle Market Update - July 2021

Housing inventory remains tight despite a noticeable uptick of homes on the market, but prices continue to remain high and are in no danger of declining just yet. What will change, is how quickly a home appreciates in value as we move towards the end of the year. 

Last month we looked at the year over year stats, but this month let’s take a look at the market stats in Park Circle and the entire MLS compared to last month to get an up-close look at market changes.

Park Circle Market Stats - July 2021

Average Sales Price

Park Circle: down 8.4% ($348,013) – Previous Month: ($377,137) – Year over year, this is still up 1.2% from July 2020.
Entire MLS: down 3.1% ($483,123) – Previous Month: ($498,244) – Year of year, this is also 15% higher than July 2020.

Average Price Per Sq Ft

Park Circle: up 0.4% ($245) – Previous Month: ($244) – We are still 16.7% higher compared to June 2020.
Entire MLS: down 0.87% ($231) – Previous Month: ($233) – This also shows a 20.9% increase compared to June 2020.
Park Circle

Homes for Sale

Park Circle: up 27% (37) – Previous Month: (27)
Entire MLS: up 5% (1944) – Previous Month: (1850)

Median Days on Market

Park Circle: up 66.7% (9 days) – Previous Month (3 days)
Entire MLS: no change (3 days)

Months Supply/Inventory

Park Circle: up 23% (1.3 Months) – Previous Month – 1 Month)
Entire MLS: no change (0.9 Months)

For buyers what the numbers show is that housing inventory remains tight, however, we are starting to see some softening in regards to sales price and days on the market, but not enough to expect huge discounts when purchasing a property. 

For sellers, you can still sell your home for top dollar, but do not expect your appreciation value to continue skyrocketing, we may have reached the top of the mountaintop. Keep pricing your homes appropriately and they will sell.

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