Over the
past several months, the number of homes on the market for sale, in the Gables,
has been decreasing, ever so slightly.
Since May of 2019, the number of homes for sale has decreased by 8%.
Even though,
for that same period, the number of homes sold is down by 13%, the number of
homes going under contract is beginning to rise by 2%. This could be a positive
thing.
For all
those homes in the Gables, priced under $1M, there is a slight bit of positive
information, as well. The total number of homes on the market has been decreasing
by about 10% over the past three months. Comparing the July 2019 numbers with
July 2018, the number of homes sold is up by 15% and the number of homes going
under contract is up by 38%.
The same
thing holds true for all those homes priced over $1.0M. Inventory has been
coming down slightly, over the past three months. The number of homes sold is
down by 12%, but the number of homes going under contract is up by 14%
In
conclusion, it does appear as if we are reducing the number of homes on the
market that are for sale. The number of homes sold is still down, but the
number of homes going under contract is on the rise.
PS…In spite
of these present conditions, the actual prices per square foot of homes sold are
still going up, in the Gables. The challenge will be the number of homes that
are going under contract. These homes need to get through the inspections
process, and with the focus now on the replacement of cast iron pipes, this is a huge challenge for homeowners. We
are beginning to ask our homeowners to get an inspection prior to putting their
homes on the MLX just so they will be prepared for the results. Cast iron
pipes, mold, and the roofs are all very important for mortgages and insurance.
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