Summer is in full swing and the Real Estate market is still red hot with very few signs of cooling. Prices continue to soar, but lumber prices are thankfully starting to come back down. Unfortunately, due to Covid-related restrictions, the cost of paint is going up due to limited supply. This is bad news for those still looking to freshen up their home with a pop of color.
Let’s take a look at the market stats in Park Circle and the entire MLS compared to June 2020.
Park Circle Market Stats - June 2021
Average Sales Price
Entire MLS: up 27.8% ($498,244)
Price Per Sq Ft
MLS: up 26.5% ($234)
Dollar Volume Sold
Entire MLS: up 50.6% ($1,212,227,843)
Homes for Sale
Entire MLS: down 66.6% (1558)
Median Days on Market
Entire MLS: down 84.2% (3 days)
Park Circle: down 69% (0.9 Months)
Entire MLS: down 75.9% (0.7 Months)
This shows how long the current inventory of properties would last at the current rate of sales.
If no new properties were added to the market, and sales continued at a steady pace, this means that it would take 0.9 months to sell ALL the properties in Park Circle.
A balanced market would be 6 months of inventory.