June 2022 Residential Real Estate Market Update Dave & Travis!
At a glance comparing last year to this year there is a considerable change. Supply is up over 60% and climbing quickly. Pending sales are down over 20% from last year. The ratio between Active & Pending has dropped from an insane 327% to 133% (compared to "normal" in 2019, (60%).
BUT, what blows me away (and I keep double checking my numbers) is that Closed Sales are actually MORE than last year with 849 vs 817 (622 in "normal" 2019)!!! How can that be? Only one reason makes sense. Where it took 60+ days to close last year we are getting it done "normally" in 30-40 days now. So people are continuing to buy homes at a record pace! Oh, and the average sales price is up about 9% so far this year (comparable to the national average)!