The market in July has had its ups and downs. The following information is based on MLS data comparing July 2006 to July 2007. This is just a snapshot, but it will be a good indication of where the market is.
On the up side are listings (up 10%). Also on the upside is the average listing price which is now $255,226 (up 25%). Also up is the closed listing price which is $288,371 (10%). But the actual average selling price is $274,000 which is up 25% over last year.
Pendings are down 20%, but the listing price of those pended is up 20% with the average being $291,604.
The market continues languish with expired listings topping the 1000 mark for the month of July. This is up 40% over last year.
So we still have a high inventory but with an increase in average sales price. Properties that do sell are taking over 112 days to close.
We will have to watch the trend further to see a clearer pattern. Mortgages have thrown a wrench in the equation and until that is corrected, I think any prediction at this point is just a guess.
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