As we step into August, it’s time to reflect on the Metro Market's performance in July—and what a month it was! The numbers reveal a dynamic and competitive market, offering valuable insights whether you're thinking about buying or selling.

Inventory Takes a Dip

One of the most striking changes last month was the significant decrease in housing inventory. With a 15.38% drop, the market now has just 759 homes available. This tightening of supply is crucial, as it leads to a Months Supply of Inventory (MSI) of only 3.01. For those unfamiliar, a lower MSI indicates a seller’s market, where demand outstrips supply, often resulting in higher prices and quicker sales.

Prices on the Rise

Speaking of prices, July saw a notable 4.79% increase in the average sale price, bringing it to $388,015. This rise is a direct consequence of the limited inventory and continued strong demand. If you’re a homeowner, this trend could mean increased equity in your property. For buyers, it signals the importance of acting quickly to secure a home before prices climb even higher.

A Slight Delay in Sales

Interestingly, while prices rose and inventory shrank, homes took slightly longer to sell. The average days on market increased by 3.97%, coming in at 45.72 days. This could suggest buyers are becoming more discerning, taking a bit more time to make their decisions in a competitive market.

Success in Sales

Despite the slightly longer sales process, July was a successful month for many sellers. Closed listings increased by 21.68%, and the Closed vs. Listed ratio improved to 68.6%. This means that a higher percentage of listed homes successfully closed, further highlighting the market’s robust activity.

The current market conditions suggest a window of opportunity for both buyers and sellers. Rising prices and decreasing inventory create a competitive atmosphere, making it essential to act strategically. If you’re considering a move, now is a great time to engage with a real estate professional who can guide you through the process.