JULY 2025 – SALES TRENDING UP
Comparing last months numbers with June of 2024, we saw different trends in both sales and listing inventory depending on the property type. Below, we’ve broken down how pricing, sales, and inventory were affected in each category!
Last month residential property sales numbers came in 6% higher than June of last year, while our total listing inventory increased by 7% to 3,531 listings in total. Currently, the overall average price (all residential property categories combined) is sitting 2% higher than the average during the same time last year, landing at $863,065.
The table below shows the breakdown on where the 418 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking around 56 days to sell a home, depending on the property type.
SINGLE FAMILY HOME MARKET UPDATE
In the Single Family Home bracket we saw a sales increase of 13% coupled with a decrease of nearly 7% in inventory over June of last year.
The average price for the month again came in above the Million Dollar mark, and is currently sitting about 2% above last June’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen an 8% increase in sales compared to June of last year. With a 1% decrease in inventory, townhomes still are only making up 12% of all available listings. The average sale price finished at $679,168 – a decrease of 3% below the average during the same month last year.
CONDO MARKET UPDATE
The condo market has seen a decrease in sales in comparison to this time last year. We also have continued to see significant increases in inventory in the condo sector this year over last. Sales decreased by 5% while the inventory increased by 20%!
SUPPLY & DEMAND
The months of inventory levels are our best way to determine the strength or weakness of the market…and to recap our benchmarks:
Less than 4 Months of Inventory is a Seller’s Market
4 to 6 Months of Inventory is a Balanced Market
More than 6 Months of Inventory is a Buyer’s Market
We’ve been tracking the Months of Inventory – the graph below outlines how the sixth month of 2025 went compared to the same time periods in the previous 3 years. In June of 2024 there were 8.4 months of inventory, this June we were sitting nearly on par with a difference of less than 1%. This means we are continuing to work in a buyers market at this time.
What does all this mean? Is now the time to make a move? I would love to discuss what may be right for you – Please feel free to reach out any time!
