New Listings
Let's begin by examining the number of NEW LISTINGS that became available on the market in June. Starting with 2021, we observed a total of 489 NEW LISTINGS. Moving to June 2022, there was a slight increase of +2.0 percent, resulting in 499 NEW LISTINGS. However, in June of this year, we experienced a significant decrease of -26.1 percent, with only 369 NEW LISTINGS. It's important to note that this decrease was observed compared to both 2022 and 2021.
Homes for Sale
We, again, start by looking at JUNE 2021, where we see there were 283 HOMES FOR SALE. In JUNE of 2022, we find an increase of +59.0 percent with 450 HOMES FOR SALE. This year in JUNE, we decreased by -19.8 percent with 361 HOMES FOR SALE.
Pending Sales
Now let's turn our attention to PENDING SALES. Taking a look at June 2021, we observe a total of 416 pending sales. In 2022, there was a decrease of -16.1 percent, resulting in 349 pending sales. This year, we experienced a further decrease of -2.9 percent, with 339 pending sales.
Average Days on Market
Let's take a look at the AVERAGE DAYS ON MARKET in June starting in 2021, where we observe an average of 10 days on the market for properties. In 2022, there was an increase of +30.0 percent compared to the previous year, with an average of 13 days on the market. This year, we saw a further increase of +38.5 percent, resulting in an average of 18 days on the market.
Months Supply of Homes for Sale:
Let's examine the MONTHS SUPPLY OF HOMES FOR SALE. In June 2021, we had a supply of homes for sale that lasted 0.7 months. In 2022, there was an increase of +71.4 percent compared to the previous year, resulting in a 1.2-month supply of homes for sale. This year, we remained steady with the previous year, also having a 1.2-month supply of homes for sale. This statistic represents the ratio of new houses for sale to new houses sold. In other words, given the current sales pace, it would take approximately 1.1 months for the current inventory of homes on the market to be sold.
Median Showings to Pending
Let's analyze the MEDIAN SHOWINGS TO PENDING ratio. In June 2021, the median number of showings required to generate a pending sale was 10. In 2022, there was a decrease of -30.0 percent compared to the previous year, with 7 showings to pending. However, this year we saw an increase of +28.6 percent from the previous year, with 9 showings to pending.
Here's a detailed local analysis of the real estate market. If you're planning to sell your home this year, pricing it correctly can make a significant impact, and we're here to assist you with that. Get in touch with The Linda Hall Team of Century 21 First Choice, and let's work together to achieve your real estate goals in 2023!