The Real Estate Market for the first 7 months of 2015

The market in Coos County continues to improve with July seeing a large increase in pending sales over June of 2015 with accepted offers by 19.1% over last month.  This was the best July since 2005.  The closed sales declined from June by 9.2% however potential closings are really stacking up and already closed sales have increased by 22% over the first 7 months of 2014.  The average sale price continues to increase by 6.8% and the median price by 13.6% year to date. Currently the average sales price through July is $178,900.

The amount of available inventory moved up slightly to 6.4 months from 5.8 months in June.  This movement is not enough in a given month to be significant as a long term indicator. These numbers will facilitate month by month.  Remember that the number of months of available inventory indicates, at the current rate of sales it would take 6.4 months to sell everything that is currently on the market if no new properties were added. 

Markets aren’t just local, they’re “hyperlocal”. Prices may be up or down in your State but completely different in your local area. Months of inventory on the market are the best predictor of price changes.  Even though the National Association of Realtors forecasts that existing home sales and prices will increase, the real issue is how much inventory is on the market in your local market area. If there are only two months of inventory in your market, chances are good that prices will increase.  On the other hand if there are 10-12 or more months of inventory, your area will stay the same or possibly decrease.

With the current trends in Coos County expect that the sale prices will increase. The total time on the market from listing date to accepting an offer has reduced about 1% to 172 days from about 180 days.  This I would project will reduce more if as I project, the market continues to improve.