Well… the DOG days of summer are not what they used to be 2-3 years ago. Summer sales in my areas of expertise; RM, PD, IW, LQ continue to move in a positive direction with relative strong sales, and the previously mentioned high levels of inventory are shrinking which is helping move some of the high-end properties to serious late season buyers. Currently in the $1Million & below category; there are only 411 single family homes on the market, 108 in Back-Up position (new escrows), 58 Pending Sale, and 34 SOLD since the beginning of this month with a median sales price of $428,750. Currently in the $1 Million & above category; there are currently 195 Active single family homes on the market, 12 in Back-Up status (new escrows), 9 Pending Sale, and 7 Sold since the beginning of this month with median sales price of $1,443,306…. a positive trend. If this trend continues on throughout the summer (knowing historically the high-end will slow August through October) with continued lower levels of inventory right on into the fall, and new up and coming season, this will give the high-end market a long awaited shot in the arm, which should sell many of the homes that didn’t sell this season simply due to unexpected high inventory levels, and sellers with pricing expectations higher than what the market would deliver.
Positive thoughts throughout the summer months, stay cool and let’s hope the market stays as HOT as the temperatures.