There has been little change in the overall trend of strong sales and very low inventory in our local market and, as I predicted, July was also a very strong month. Until interest rates rise or the October change in closing documents comes about it should continue this trend.
July was another strong month for sales (3rd highest since 2006) and the inventory level hit its lowest point since 2005. In fact, we have now had 4 consecutive months of inventory levels below 3 months of inventory with June and July both hitting new lows as you can see in the graph below.
For at least the next few months buyers will continue to have challenges finding and contracting on properties and prices will continue to increase at a steady rate. With a potential rate increase by the Federal Reserve in September and the changes to closing documents at the beginning of October we may start to see some changes in sales and or inventory numbers but I don’t think they will be drastic changes.
Here are the charts for July (click or tap on either to see in a larger size):
(Information for charts above was taken from PRO/Suncoast MLS from Jan 2007 thru May 2011 & from the MFRMLS for May 2011 thru July 2015. This information may or may not include all listed expired, withdrawn, pending or sold properties of one or more members of the My Florida Regional Multiple Listing Service.)