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May was the busiest month in over two years, but was it short lived?

Posted by Dickason Homes on Tuesday, July 11th, 2017 at 8:59am.

The equally short answer is yes, it was.  Since our slump started in 2015, we would usually see two months in the year where sales were stronger than the rest.  I had anticipated the same this year, but June fell substantially short of May numbers.  In fact, sales dropped by 30%.  This almost certainly means we will not see a recovery in prices this year (not that we really expected that, anyway).

The Bigger Picture

For some overall perspective, there have been 374 single family sales in 2017 to date.  Coincidentally, the first six months of 2015 saw that exact same number.  All things considered in 2016, it fell short at 183 sales over the same period.  So, we have a dramatically improved market from 2016 and one comparable to 2015.  Prices still fell in 2015 where supply outweighed demand.  We might not see the same drastic drops as last year but I’m not sure we’ve seen the bottom yet either. 

At the moment, if nothing else were listed it would take nine months for everything to sell at the current rate.  Anything above six months is considered a buyer’s market and for that reason,  the pressure on prices is going to remain.  Homes will continue to sell, but they have to be priced to move.  Otherwise, they risk becoming stagnant or ignored with all the other homes trying to match the market instead of getting ahead. 

As a buyer, you’ll still find deals and you’ll often have the negotiating power on your side.  As a seller, you’d better make sure your house is well maintained, priced properly and staged for the best first impression.  Homes will continue to sell.  However, determining the right strategy to obtain the best deal, buying or selling, is the difficult part. Contact the Perkins Group and our professional Realtors will move you in the right direction.

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