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
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
Entire MLS: down 0.87% ($231) – Previous Month: ($233) – This also shows a 20.9% increase compared to June 2020.
Homes for Sale
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.
