May’s data showed a slow down in buyer activity; will that be reflected in June’s numbers?

The summer heat has definitely settled upon us in Locust Grove.  We are very thankful for evening swimming sessions and the a.c. around the Jones’ household.  Perhaps we can blame the slow down in buyer activity on the heat, but a more realistic culprit would be the steady interest rates.  Let’s take a closer look at June’s numbers for homes in Locust Grove.

Homes in Locust Grove for Sale in June

In June there were sixty two active homes in Locust Grove on the market.  This is an increase from May’s fifty two homes.  The days on the market for these homes dropped dramatically from one hundred and one days to thirty eight days.  That left me scratching my head a little, so I did some further research.

Richmond America, a home builder currently operating in Wilderness Shores, released fifteen new homes to the market in June and these homes had an average of twenty two days on the market.  When you include these new construction homes into the overall average it drastically cuts the days on the market.

The average listing price for homes in Locust Grove rose in June to $515,000.  The prior month’s average listing price was $489,000.  I would also credit the new construction homes to this increase.

Homes in Locust Grove under Contract

There were twenty two homes that went under contract in June in Locust Grove.  This is a decrease of forty one (May had sixty three homes under contract).  The days on the market for homes in Locust Grove that were under contract decreased slightly to thirty four.  The average price for these homes also decreased from May’s $531,000 to $492,000.

This category is where we see the impact of May’s slight interest rate increases into our market.  This, along with the Federal Reserve still holding out to cut rates, has decreased buyer activity.  In July, I would expect to see these decreases slide over to the sold category. 

Homes in Locust Grove that Sold in June

Forty three homes sold this past month.  This is an increase of thirteen over May’s numbers.  The homes saw an increase in average days on the market in June, twenty eight days, compared to May, nineteen days.  The average price of homes in Locust Grove that sold increased slightly from $430,000 to $439,000.

Will July’s numbers look similar to June’s? Amazon has lost my crystal ball so I can’t say, but what I do know is that anytime you are ready to sell your home, it’s critical to have a good understanding of the current market conditions. It can give you realistic expectations when it comes to the timeline of selling your home. When you are ready to take the steps towards selling your home, I am here to help!