Now that we’re past the midway point of 2019, it’s time to check out some of the latest developments in our market.First of all, inventory has risen. In June of last year, we had 2.3 months’ worth of inventory on the market. This June, we’ve got a 3.3-month supply. This 43.5% increase means sellers still have the upper hand, but that buyers now have more to choose from. Even so, 3.3 months is still not much. If you plan on buying a home this year, you’ll need to work closely with an experienced Realtor to ensure your home search is successful. Over that same 12-month period, the number of new listings as well as the number of pending sales went up by more than 9%. This just goes to show that our market is still quite active. “The recent increase in inventory means sellers still have the upper hand, but that buyers now have more to choose from.”However, while homes are still selling, they are taking longer to do so. Last June, it took an average of just 27 days for a listing to sell. This June, listings are spending an average of 40 days on the market—a 48.1% increase. Those planning on selling should, therefore, be especially proactive in working with their agent to market their property. On the plus side, homes are selling for more money lately. The average sales price in our area went from $338,136 to $354,042 between June of 2018 and June of this year. Between these favorable conditions and the fact that we’re approaching the hottest time of the year for listing a home, sellers are faced with a lot of opportunities right now. And with interest rates still at historic lows, buyers, too, can take advantage of this great market.If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.