OVERVIEW

The real estate market experienced an uptick in active listings and a notable decrease in sales in July. Properties lingered for longer periods on the market, with the median days on market stretching out to 21 days. A silver lining for home sellers was the nearly unchanged list-to-close price ratio, hovering around 100%. This implies that homes were, on average, selling at their listed price. Yet, from the preceding month, median sales prices underwent a 6.3% depreciation.

KEY FINDINGS FOR JULY

• In July, 10.6% more houses were available for sale than in June. Year-over-year the increase was only 5.6%
• The distribution of home sales across various price ranges shifted toward properties priced under $1 million. This contributed to a decline in the average sales price by 15.6%. However, a more accurate gauge is the median sales price, which only experienced a month-over-month decline of 6.3%. The median is more reliable because it is not as affected by a few really high or really low prices, so it gives a truer picture of typical price change.
• Homes are staying on the market longer. The median number of days on market doubled from 10 days in July 2022 to 21 days in July 2023. In June the median days on market was 15.
• The list-to-close price ratio maintaining its proximity to 100% suggests a market where properties are typically selling close to their initial listing prices. This can signify a balanced equilibrium between buyer offers and seller expectations, potentially reflecting a healthy level of buyer interest and seller confidence in the pricing of their homes.
• In July, the Months of Inventory* for single-family homes increased to 3.5 months from 2.1 months the previous year. This occurred despite a relatively stable number of available homes. The seeming contradiction arises due to the notable decline in sales activity.
• The top spot for the highest sale above the listed price in July was a lot value property in Woodland Terrace. The property sold for 106% ($31,000) above its list price.

*Months of Inventory is a measure of how fast all the existing homes on the market would last, assuming a) no more listings are added and b) the rate at which homes sell is a constant figure based on the average of the last 12 months of sales.

HEIGHTS* KEY MARKET INDICATORS -SINGLE-FAMILY HOMES

SINGLE-FAMILY HOMES	JULY 2022	JULY 2023	YOY CHANGE	JUNE 2023	MOM CHANGE
ACTIVE LISTINGS	198	209	5.6%	189	10.6%
SALES	70	58	-17.1%	76	-23.7%
AVG SALES PRICE	$898,150	$774,871	-13.7%	$917,641	–15.6%
MEDIAN SALES PRICE	$790,500	$700,000	-11.4%	$747,000	-6.3%
AVG DAYS ON MARKET	65	66	1.5%	58	13.8%
MEDIAN DAYS ON MARKET	10	21	110.0%	15	40.0%
CLOSE PRICE-TO-LIST PRICE RATIO	100%	99.5%	–0.5%	100.0%	–0.5%

SOLD TO LIST PRICE RATIO ANALYSIS-JUL 2023

DAYS ON MARKET	ALL	0-7	8-30	30+
HOMES SOLD	58	28	16	14
MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP)	99.5%	100.5%	97.0%	98.4%
SP/LP RANGE	90.0-105.9%	91.7-105.9%	90.0-100.9%	93.1-100.1%

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