Market Snapshot: What You Need to Know-June 2021
The spring buying season finished strong. June sales were up 15.5% as compared to closed sales in 2020 when we began to see Florida recover from the initial shock of the pandemic. This is a very positive end to the spring buying season.
New pended sales are generally the best indicated of future growth. Those numbers have begun to stabilize towards more normal numbers and compared to 2020 have actually slowed down. That’s not anything to be alarmed about as the recovery in 2020 was similar to a market on steroids. We could see numbers like this for the remainder of 2021.
The available inventory finally showed a significant increase in June since March of last year. The number of available units for sale in June showed a 37% increase over May. That is still a 60% decrease from where we were in June of last year but this suggests we’ve reached the peak of the seller’s market. Keep in mind, this does is not suggesting an immediate flip to a buyer’s market. It only suggests that the situation will not get worse for buyers.
The indicators show that we might see a cooling of sales prices as the ratio of buyers and homes for sale come together. For now, however, the sales prices are still red hot! In June, the average sales price in the SJC market was $474,952. That’s a 27% 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 is now over 100% but we are seeing an increase in listings. We have reached the peak of the seller’s market so now is the time to sell. Call First Coast Realty to receive a complimentary Broker’s Price Opinion.
Buyers, the stats indicate it will not get worse. It’s also important to watch those interest rates and make sure you get all the facts before you begin to shop. First Coast Realty has a team of network individuals standing by to make sure you dreams of homeownership become a reality.
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