It is hard to believe we are already half way through June. However, we are enjoying the busy spring and a very active real estate market!
Attached you will find our June real state market update. There are a few things we would like to direct your attention to this month. First, is the absorption rate. The overall rate is sitting at 5.5 months which is very little change from our May update. This shows a balanced overall market. You will also notice we have seen an increase in activity in the higher end homes. There are now 15 homes under contract over $300,000. 12 of those are over $350,000 and 5 are over $450,000. This is a good sign as there have only seen 29 homes over $300,000 close in the past 6 months.
It is also worth noting that our average days on market has dropped from 153 in May to 146 days in June. Days on market tells us what has happened in the past while the absorption rate is a forecast of the future market.
We hope this finds you well as we near the beginning of summer. If you have questions or would like additional information please don't hesitate to contact us. Feel free to forward this report along to anyone who may find it useful. Also, if you know someone who may be looking to buy or sell a home we would love to help. We are never too busy for your referrals!