Market Update – Week of June 21st
The number of detached single-family homes on the market in the Valley:
- Grew slightly again this week coming in at 5,273 vs 5,082 a week ago – a 3.7% increase.
- Homes under $1 million grew by around 4.1% while homes under $500k grew by more than 2.7%.
- Since the beginning of April, the inventory has been continuing to climb most weeks and inventory is now up over 31% since April 5th.
Even with this continued growth of inventory, buying demand still remains high and especially for homes in superior condition or that have other standout features like views, updated backyard/outdoor space and/or the most recent interior updates. I’ve also seen a few more homes stay on the market a bit longer because they are likely over-priced for their condition or lack of updates. These homes that have dated or poorly done finishes and/or on less desirable lots are likely to sell for less than the list price unless already priced on the lower end of their neighborhood. However, this has only been around 20% of the market recently. More than half of the recent homes sales have sold for more than list price.
What does this mean?
Because demand for homes is still so strong, the best homes (because of location/views or updates) will continue to sell very quickly and often above list price. However, buyers may find that if they are willing to make some improvements on a home with some correctable faults, it may be the best way to get to your end result of owning a home that is best suited for your specific needs.