July Market report

While inventory is still up over 2007 levels, surprisingly, homes under $200,000 predominate the market. Last year there were 41 homes in that price point. Right now we have 72.

Homes priced in the $200,000 - $249,999 range number the same as last year at this time; 65. Inventory for those in the $250,000 - $299,999 segment is slightly under last year's with 72 versus 77 for ‘07.

If your budget is $300,000 - $349,999 you will find 29% more dwellings to choose from. Currently, we have 57. And there is a 58% increase in the number priced from $350,000 - $399,999 with 45 now on the market.

Conversely, there are 58% fewer homes selling for $400,000 - $499,999. We have only 29 available as of June 30th.

In the upper two segments of the market, there are 50% fewer homes priced from $500,000 - $599,999 and 59% more homes selling at $600,000 and up, with 11 and 32 being offered respectively.

It's still taking about 30% longer to sell a home these days. The absorption rates (how long it would take to deplete a certain segment at the current sales rate) vary from about seven-and-half months for the least expensive to almost four years, three months for homes priced in the $300,000 - $349,999 range.

Homes priced from $200,000 - $249,999 have about nine-and-a-half months of inventory available. After that, absorption rates slow dramatically.

There's a two year supply of $250,000 - $299,999 homes; a 28 month supply of homes from $350,000 - $399,999; and 29 months of those at $400,000 - $499,999.

Looking at upper-end homes selling from $500,000 - $599,999, there's a 33 month inventory. And the top level of $600,000 plus has a four year supply.

Even though inventory levels are higher than the previous year's, the average days on market is almost the same, just slightly over four months.

Sales are down just about 25% from last year.

Last year we had sold 197 by this time. This year 146 have sold. Of those, sales of the under $200,000 and $200,000 - $249,999 homes have remained at the same level with 58 and 41 having sold by this time each year. By comparison, last year ten homes in the $500,000 - $599,999 range had sold. This year, two. Only homes from $600,000+ have increased over ‘07. Last year, one; this year, four.