The latest numbers are in for our housing market. Here is what you need to know, whether you are thinking about buying a home or selling one.
Today we are here with your June 2018 real estate market recap.
So, what happened in the June market? For starters, we saw 49% of single-family homes on the market sell, which is up 4% from last month, but down 14% from last year. The average sale price was $452,000.
For duplex and row housing, we saw 46% of listed properties sell, which is up 2% from last month and down 13% from last year. The average sale price here was $361,500.
In the condo market, 37% of listed properties sold. This is on par with last month and down 3% from this time last year. The average sale price was $235,000.
For buyers, this means that it is a great time to buy. Mortgage qualifying rates are set to climb through 2021, which means that you’ll be approved for less and less as time goes on. With the market holding a high inventory of properties listed and rates as low as they are going to be, this puts buyers in a great position to make the right purchase now.
For sellers, this means you have to be better and do more. You have to make sure your home is priced correctly and shows well. The location, price, and timing are the three biggest factors when selling your home. Since we can’t control the location or the timing of when buyers need to buy, you need to price correctly to succeed. Pairing that with a strong marketing plan that produces a ton of exposure for your listing is the key to success in our market.
If you have any questions about the market or wonder what your home is worth, please feel free to give us a call or send us an email. We would love to hear from you soon.