July’s Big Picture: A Refreshingly Balanced Market

If you’re looking for fireworks in the real estate numbers, you won’t find them this week—and that’s a good thing for both buyers and sellers. Here’s where we sit right now:

• Sales: 77 properties have sold since July 1, and we’re on pace to match last July—no slowdown, but no mad dash, either.

• Detached Home Prices: Averaging $463,500, a touch up from June, and 6% stronger year-over-year.

• Inventory: 305 active listings city-wide (homes and condos), the highest we’ve seen all year. This means choice for buyers, and opportunity for sellers willing to stand out.

• Average Days on Market: 26 for detached homes, but just 18 for condos/townhouses—those low-maintenance options are flying.

The real meaning?

- Buyers: You’ve got some bargaining power back. Look for homes that have lingered on the market—these sellers are often ready to negotiate, especially if you’re flexible on possession.

- Sellers: “Move-in ready” homes, or those with standout features (a/c, newer roofs, great landscaping) are still moving quick. But pricing for today’s reality—not last year’s dreams—is key.