Here Come the Dog Days of Summer!
We are at the point in the year where the market begins a gradual slow down. As the peak spring market ends, the balance of the market starts to shift upward towards 4 to 6 months of inventory. Prices tend to stabilize during this period. One would think that the rise in the number of listings for sale would indicate that sellers are gaining confidence and just now putting their homes on the market. Actually the truth is that buyers are slowing down and this is evident by the the Pending Transaction Count. In fact compared to the same time last year, Pending Sales (offers accepted) are down 7.8% while the number of homes for sale compared to last year are basically flat. And with Pending Sales slowing, I expect closed transactions to begin tailing off as we move into July and August. This is not meant to bring on panic or doom about the market. It is what it is and buyer activity could easily pick back up.
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June 2014 Balance of the Market Report
June 2014 Inventory Breakdown By Type
June 2014 Homes For Sale
June 2014 Pending Transaction Count
June 2014 Home Sales YTD
June 2014 New Construction Inventory
June 2014 Active, Pending, Sale Price Average
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Les Sulgrove is a licensed REALTOR® with Keller Williams Greater Des Moines and has been licensed to sell real estate in Iowa since 1990. If you are looking to buy or sell your home, contact Les today!