We hope you all had a great 4th of July! If you remember last June, we were in a very strong seller's market. This year the market is even stronger. Comparing June of 2021 to June of 2020 we had an increase of 52% for the amount of homes that have sold. Inventory levels, the amount of homes available for sale, that's actually down close to 18%. Days on market the time it's taking homes to sell, that's also down close to 47.5%. Median sales prices are up at $660,000. That's an increase of over $100,000 or 20%.
So how's the market today? Well we are seeing a price reduction for some homes that don't sell the first weekend listed. Does that mean that the market it shifting? Not necessarily, the market still remains strong. We are seeing some buyers decide to take a vacation from their home search after putting in several very strong over asking offers and not getting any offers accepted. Also because of the price acceleration that we've seen over the past 12 months. For example we may have seen a home listed in March of this year listed at $600,000 and due to multiple offers, sell for $700,000. Now their neighbor decides to list their home, a very similar home, for $700,000. Well that original buyer that lost out on a few homes and originally saw that $600,000 house might think in order to compete they would need to put $100,000 over that neighbor's $700,000 house. Which may not be an option and decide to just sit on the sidelines. We are now seeing a reduction in the amount of total offers when we are in this multiple offer situation. Pricing remains tricky in this market, however the market does remain very strong.
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