How is the local housing market faring?
The City saw a 13.5% year-over-year increase in median sold price from June 2018 to June 2019, but experienced a decrease of 12.9% in units sold. Over the same time period, the average days on the market increased by 11 with a slight dip of 0.5% for the ratio of average sold price to average original list price.
FAAR Board of Director Carrie Danko commented on the region, “Summer may be heating up but the market seems to be cooling off in some areas. After an extremely active spring market, the lazy days of summer have hit. The lull in the market could be due to school ending earlier than normal in some jurisdictions or constrained inventory in highly sought-after price points. The low inventory keeps our region in a sellers’ market but the continued low interest rates make this a great time for buyers, too.”
View FAAR’s June statistical report on the City’s housing market.