The numbers from the July housing market statistics seem to suggest we are finally headed back to some normalcy. The amount of closed sales for July 2021 actually decreased when compared to the same time period last year. This is the first time in a long time we have seen total sales decrease year over year. It’s not anything to be ashamed of however, since the pandemic pushed a lot of the spring numbers into summer and even fall.
Active Listings were also down as compared to July of 2020 by almost 9 percent. This suggests that although numbers are headed towards normal, it will be a while before the market stops being a frustrating place for buyers. Especially when examining this next statistics
As you can see, this entire year the months of available inventory for sale hover around 1. As a rule of thumb, a normal market has 5-6 months of available inventory. This is why the market has been so frustrating for buyers. The lack of inventory is working to drive prices up.
Average sales price continues to drive upward. In July, the average sales price in the SJC market was $490,053 a 22% increase over where we were last year.
So What Does This Mean For Buyers and Sellers?
So what does all this mean? The ratio of sales price to list price still hovers at 100%. If you are a buyer you have to go in strong with an offer and have all your ducks in a row. You might not get a second chance. When you work with First Coast Realty, you get a team of network individuals standing by to make sure you dreams of homeownership become a reality.
To the sellers out there yes the market is strong but the indicators show we might have reached the peak of the seller’s market. Now is the time to sell. Call First Coast Realty to receive a complimentary Broker’s Price Opinion.
Whether you are looking to buy or sell, First Coast Realty would welcome the opportunity to earn your business. Feel free to reach out to us on Facebook or Twitter and we would be happy to assist you in getting the ball rolling. Or, to talk to a qualified, experienced agent call/text today 904-494-8408 or email email@example.com