Coldwell Banker Premier Realty

Reflecting on July

Posted: August 22, 2013 by John McClelland

In the July numbers, increased prices continue to be printed. On a median price per-square foot basis, single family home prices advanced by 3.2% from last month. With the same metric, condominiums and townhomes increased by over five percent. Multiple offers remain commonplace, although anecdotally, this appears to be moderating as we head into a slightly less active season. It is worth noting that on average, homes that closed in July went under contract nearly 70 days prior, so closings do tend to lag the street level knowledge that real estate agents are observing. Median marketing times continue to be low, however, the listing inventory remains bifurcated between well priced listings and those priced substantially above current market as sellers attempt to intercept price increase momentum. While this has worked in some cases, overall this has not tended to be a winning strategy as interest in the new listings may quickly wane and become stale. Another notable feature of today’s marketplace is the lack of distressed inventory, which may include bank owned or short sales. The number of short sales hitting the listing inventory increased slightly since last month and this remains a viable liquidation option for many potential sellers. Given the low level of notice of default activity in the past year, as well as the low number of homes recorded in the name of banks, we don’t anticipate a large level of bank owned hitting the market in the near-term.


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