A June & 2nd Quarter Market Recap

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To let you know what’s going on in the real estate world, I want to talk about the month of June and give you a 2nd quarter market recap as we compare some current numbers to what was happening in June of last year.

This June was a great month, and so was the entire 2nd quarter. The number of houses on the market was 4,900, compared to 6,100 last year. This lower number of houses for sale has created a market that just keeps getting hotter and hotter.

The absorption rate (how many months it takes to sell the current inventory) in 2016 is 3.4 months, as opposed to 2015’s rate of 4.8 months. The average sale price of June 2016 is $211,000, whereas last year’s was closer to $205,000. The average days on market for 2016 is 59, down from 2015’s average of 81 days.  

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June was a great month, and so was the entire 2nd quarter.

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There were 1,800 houses sold in June 2016, versus 1,890 houses sold last year. The higher number in this case can be attributed to last summer being the starting point of the whole market improvement. Right now, interest rates are holding at 3.6%, which is phenomenal. Last year they spiked up a little bit to 4.25%.

Overall, it was a record-breaking month for our company. We bought or sold approximately 55 houses. For this we give many thanks to the people who’ve given us our referrals and repeat business. I wish you all a happy July, and hope you have a great summer. We’ll talk to you again in three weeks with another market update. If you need any free advice or a CMA, please feel free to contact us by phone or email.