By Lisa Johnson, managing broker of Coldwell Banker Residential Brokerage's Intown office.
The housing market is progressing along the path to recovery. As the rest of the country continues to bounce back, the Intown* market seems to be following in the same footsteps.
The combination of low inventory, seasonality and concern over rising interest rates has led to an increase in sales. According to the First Multiple Listing Service, July’s year-to-date (YTD) sales of 1,544 are running 14% ahead of last year’s YTD sales of 1,351. Prices also rose in July with the median sales price at $310,000, up 14% from $271,750 in July 2012 and up 13.6% from June 2013.
One of the reasons we’re seeing prices increase is because the number of homes for sale in Intown is low. In July, there were 807 Intown homes available for sale, down 18% from July 2012.Those looking to buy are realizing that with prices increasing, they have missed the “bottom” of the market so they had better buy before prices go even higher.
Since July 2011, we have consistently seen properties spend less and less time on the market. The days on the market for July was 57, down from 61 days in July 2012. Often, as soon as a property hits the market, there are buyers out there wanting to see it and make an offer.
The increase in sales prices is a positive sign for our office and is a great reflection of how active the Intown market has been.
*The statistics for Intown includes the following zip codes: 30306, 30307, 30308, 30309, 30324 and 30329.