There were 2,199 homes sold in July versus 1,962 the same month in 2014. July was the sixth month of positive sales and fifth month of double digit sales, both consecutive, this year.
“The housing market is functioning very efficiently,” said GMAR president Mike Ruzicka. “Buyers are out in force and very active. Sellers are pricing their homes correctly, with many homes in ‘move in’ condition receiving multiple offers. Overall, the market appears to be balanced, with neither the buyer nor the seller dictating pricing.”
Each month in the first quarter saw double digit increases in listings, but since then only one month had an increase. June’s 3.1 percent increase in listings, while welcome, was anemic compared to what the market was consuming, Ruzicka said.
The seasonally adjusted inventory level (the time it would take to sell all of the homes on the market at a given time) for July was 7.4 months, down from June’s 7.7 month level. The seasonally adjusted level was 8.5 months in July 2014.
“Tight inventory – the theme of the 2015 market – is holding back some buyers, causing them to delay their purchase a few weeks until a home is listed that is to their liking,” Ruzicka said. “This presents an opportunity for sellers who are thinking about getting into the market this summer and into the fall.”