August 2023 Market Update
While sales volume for June was strong, volume for July was the lowest in the prior 6 years with 13.6% fewer closings than July 2022. Overall, sales volume for the year is down 36.4%
While sales volume for June was strong, volume for July was the lowest in the prior 6 years with 13.6% fewer closings than July 2022. Overall, sales volume for the year is down 36.4%
This shows a decrease in the number of sales of 329 homes or -16.8%. The median sale prices saw a 9.3% increase year-over-year. There are currently 151 homes on the market with an average marketing time of 106 days. This results in a 1.1-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
There are currently 170 homes on the market with an average marketing time of 82 days. This results in a 1.3-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.
We continue to see the shortage of homes available be a significant factor in our market, though supply is currently at it’s highest point this year at 1.6 months. September remained seasonally strong, though year-to-date sales volume is still down 8.8% compared to 2024.
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We continue to see the shortage of homes available be a significant factor in our market, though supply is currently at it’s highest point this year at 1.6 months. While August sales volume was somewhat stronger than 2024, year-to-date sales volume is down 11.1%
We continue to see the shortage of homes available be a significant factor in our market. Overall sales volume remains below 2024, though appreciation remains strong.