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Hello Everyone,
A very short report this week due to vacation. Regular report will resume 1st week of September. Until then wishing you all a few more weeks of happy and healthy summer activities and celebrations!
Single Family Residences. (SFR) Inventory down slightly and percentage in contract up in almost all price ranges. SFR's in general continuing to do well at over 27% in contract, and homes under $1million still hot at over 38% in contract, an increase of about 1percentage point since last report . Of course this varies considerably by area, neighborhood, condition etc. Particularly notable is a pick-up in activity on upper-end homes'. May be an early sign of recovery. We will watch this in the coming weeks to see if it signals a market shift for this segment. Overall SFR year-to-date units sold at 878 as of August 12 vs. 1004 last year at the same time, or -12.5%, a continued improvement from last report's -14.3%.
Condo inventory up by just a handfull of units, and percentage in contract around 38%, continues to reflect strong demand by investors and individuals looking for homes. Signs in recent weeks that this torrid market segment may be cooling just a bit continue as YTD units sold now at 267 as of August 12 vs. 264 last year, or up 1%. Has been slipping every week for several reports now. Lenders reportedly being quite particular about ratio of owner-occupied units to rental units in each condo development. A good statistic for prospective buyers to check out early in the game.
More next time.
Until then, best wishes to all,
Fred
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