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Ready to Sell? The Market is Saying It's Time!

July Statistics

The absorption rate is over 100% (102.6%) which makes this a seller's market. As a reminder, typically rates below 15% indicate a buyer's market and above 20% is a seller's market. While this is a seller's market, the interest rates are at historic lows so this still makes it a great time to buy as well!

The only statistic that was down year over year was inventory which continues to decrease. As buyers continue looking for more space we are seeing that the number of sales and pending sales are increasing year over year. We are still seeing more luxury homes selling and at faster rates. For these reasons the absorption rate is so high. If you are thinking about selling, this could be a great time!

If you are considering buying and will need a mortgage, I would highly recommend reaching out to a mortgage lender for prequalification. This way you will be prepared and have one up on other buyers.

In July total homes for sale was down 25.7% or 92 homes but the total sold was up 30.4% (31 homes). The number of pending sales was also up 68.7% (57 homes). The average sold amount was up 62% ($606k) and the average dollar per square foot was up 19.4% ($114.25). The average days on market was flat at 102 days both this year and last year.  To get a better understanding of the right time to buy/sell, click here for a breakout by town.

Today's Rates (please check with your lender as these change regularly):

30 Yr FRM 2.92%

15 Yr FRM 2.41%

FHA 30 Year Fixed 2.38%

Jumbo 30 Year Fixed 3.58%

5/1 Year ARM 2.75%