Sunday, July 31, 2022 / by Bryan Baylon
The good news is that the supply of new listings is starting to fall. 2,589 listings were added to the ARMLS database during the last 7 days, which is up only 5.8% from a year ago. It is also well below the peak of 3,169 that we reached on June 25. While it is still considerably more than the current market needs, at least it is not on an increasing trend anymore.
The bad news is that demand not only remains very poor, it is getting weaker still.
- We have only 7,887 listings under contract - down 28% from this time last year and the lowest total for the end of July since 2007. Since 2007 was our worst year ever, that is not a good place to be.
- We are currently seeing a monthly sales rate of only 6,707 - down 25% from this time last year and the lowest for the end of July since 2014.
These figures are for all areas & types in the ARMLS database.
The average list price per sq. ft. of homes under contract is staying remarkably strong, hardly moving over the past 3 months. However sellers are achieving a far lower percentage of list price. In the past three months the closed price per square foot has dropped from 101.76% to 98.74%, down 302 basis points. This by far the fastest decline in achieved price percentage of list that we have ever seen. As a result, the monthly average sales price per square foot is down 5.3% in the last month. This is across all areas & types in the ARMLS database. The average sales price is down an astonishing 9.6% since the end of June, though the median sales price is down a more modest 4.8%. That is still a loss of $23,000 in one month.
Market incites provided by the Cromford report.