As we find ourselves in the middle of August, it’s hard to believe that we only have 1 month left of Summer and the new school year is already right around the corner! We hope you’ve enjoyed the season so far and have a few more exciting plans in store before fall arrives.
The Summer Real Estate market has remained relatively quiet, with July marking the second consecutive month of declining sales after a peak in May. As we move through August, the trend suggests we might see sales figures similar to those in July. While it doesn’t seem like we have seen much of an impact yet from the recent interest rate cuts, it sounds like a real possibility that we see yet another rate cut soon (next announcement will be September 4th), and with people settling back into their regular routines, we anticipate a boost in sales activity next month.
Meanwhile, inventory levels continue to rise, reaching a 10-year high for the month of July. Historically, it’s typical for inventory to peak during the summer, so we may see a gradual decrease in the number of available properties as we head into the latter part of the year.
One clear trend is that pricing is key in today’s market. Homes that are competitively priced are drawing reasonable interest with some selling quickly, even in multiple offers. Given the abundance of options available to Buyers, they have the ability to remain patient and very price sensitive.
As always, we’ll keep you updated on the latest market trends as we move closer to fall. If you are considering buying or selling, or have any questions about Real Estate, we would love to hear from you! Enjoy the rest of your summer!
