The real estate market in July came in at full force, showing improvements across the board!
July is typically a high point each year when it comes to real estate transactions. In chilly New York, buyers venture out of their parkas during the spring thaw, with final sales climbing to a spike in the sunny months of July and August. This July was no exception- at 305 sales, it has been a full year since that statistic was surpassed.
And despite having much lower inventory than last year, the total sales volume (measured in dollars) was nearly equal! The median sale price this past month rose substantially over the prior month of June, to a total of $410,000. This is $29,000 higher than last month, and $20,000 higher than this time last year! Along with the improved sold-to-list ratio of 95.6%, this shows that buyers are paying higher prices to acquire real estate.
Homes are selling faster and faster with each passing day, it seems. The average days that homes spent on the market was just 122 in July. We have not seen a month where homes sold this quickly in over four years! The time taken to clear an entire month’s inventory was also extremely low at just over seven months, also the fastest this market has seen since before the housing bubble collapsed.
Inventory is still constrained, with only 2,169 homes in the local market. However, available inventory has been increasing steadily every month since February 2014, indicating a steady recovery for the long term.
Consumer confidence edged up as well, according to the monthly analysis published by The Conference Board. The index rose to 90.9, an increase of 4.5 points over the previous month. Consumers, including those in the real estate search, seem to be edging out of their shells.