Pending transactions at the end of July were two-and-a-half times the number of residential properties on the market. The number of pending contracts at the end of the last two months are the highest we've seen in at least the last ten years. Homes that show pride of ownership and are well cared for are likely to sell quickly. Multiple offers are flourishing in all price ranges, even over $1 million.
The average price of homes sold in the last year have risen to $405,316, an 11% increase over the last twelve months.
Sellers: Bring on your properties. The prices are great and the sale should be quick.
Buyers: Act quickly and be prepared to loosen your purse strings.
Check out the graph below to follow July's pending snd inventory statistics for the last ten years.