Typically, the busiest four months (May, June, July and August) make up 40 percent of annual home sales volume, but it’s likely that we won’t see much of a slow down this year. Nationally and locally, real estate is still hot news. Here’s the latest weekly Market Report information from the experts at Dickson Realty. The following data was pulled on August 11th, 2021.
There were 158 single-family homes on the market and available for purchase (not in contract or escrow) on August 1st, just a slight increase from the beginning of July. At the end of July last year, there were 215 available listings, so today’s inventory is down by over 26% from a year ago. In July of 2021, 139 homes came on the market, a significant decrease from last year when 264 new listings came on. The strong demand from home buyers is putting most new listings into contract very quickly and still often with multiple offers. All of this causes prices to rise, but fortunately, mortgage rates are remaining near all-time lows, bringing some relief to buyers needing to obtain a loan. In this competitive market, it is more important than ever to be pre-qualified, or better yet, pre-approved with a lender before submitting an offer. We have excellent local mortgage brokers that we would be happy to recommend.
Sales in July totaled 140, a 27% increase over June sales, but a 40% decrease from sales in July of 2020. Median sales prices, at $1,220,000, reflected an increase of 41% over the same time last year, when the median price was $835,000. Sales in July of last year reflected homes that had gone into escrow probably sometime in late May, or June, which is when we saw the first hints of how our market was exploding. Even though there is less inventory coming on the market now, homes are still selling quickly.
The average days on market decreased from 22 days in June to just 16 in July, and a significant decrease from July of last year when the average days came in at 66.
If you have any questions about this report or would like to speak with a lender about getting pre-qualified, please feel free to reach out. It would be a pleasure to assist you with any of your real estate needs.
About the Carroll Real Estate Team
Chris and Ally’s dedication and exceptional knowledge of Tahoe make them excellent realtors. With great communication skills and professional follow-up methods, comfortable style, and an honest straightforward approach, they will have your transaction of buying or selling done in a smooth and stress-free manner.
If you are thinking of buying or selling a home, the Carroll Team is always available to provide excellent and dedicated service. Contact the Carroll Real Estate Team