The housing market in the Valley continues to thrive! While total sales have decreased by 9% in the past 12 months, pending sales have increased by 9% over the same period. New listings hitting the market are now up 10% from 2023. With the previous lack of inventory contributing to the decrease in overall sales numbers over time, the influx of new listings we've seen has bolstered new (pending) sales.
Buyers are acting quickly, with homes closing in under 30 days, a 5.5% rise from last month. The median sales price is up 7% from June of last year, though it is down 1% from last month. And the average price per square foot is 3% higher than it was in June 2023, but we have seen an 8% decrease from last month. These market variations offer excellent opportunities for both buyers and sellers, making it a great time to engage in the real estate market!
Want to know more about our dynamic real estate market? Consult with one of our real estate experts to get more specific insights into market conditions in your neighborhood and to help you make an informed decision about listing your home. We can provide guidance on pricing, marketing strategies, and the overall selling process tailored to your particular area. If you have any questions about putting your house on the market this year, please contact us!
If you're interested in starting the home search, we'd be more than happy to guide you through the ins and outs of purchasing from contract to closing. Stay tuned for more Market Trends… right here on Harrisonblog.