Month over month inventory just had it’s 12 month peak in July. This trend is slightly drawn out from what we saw in 2014. Inventory in 2014 peaked in June then continued to drop at a steady pace as we moved through fall and winter. Though we’ve peaked in July, we still have fewer listings than the peak of 2014. We had 230 active listings on the market at month’s end. As the trend for many years, inventory far surpasses demand. The total number of pendings is down to 32 which is the lowest it has been since February. We had 26 closings during the month of July, this is right on track with what we’ve been seeing in May and June. With only 32 total pendings, we may see this number dip a bit in August, time will tell! The beautiful kitchen shown above is our newest listing in Great Falls, 1107 Jonquil Circle, to view more information on this wonderfully updated home listed for $1,125,000, Click Here!
List Price Ratios
The list price ratios for Great Falls this month are lower than we’ve sen in the last few months. The graph below shows this statistic over the last 6 months, you can see February is incredibly low, especially the median sales price to original list price. This is likely due to inventory that has been on the market a long time, through the winter and after many price reductions was able to secure a contract. Pricing your home right out of the gate is a critical aspect of the listing process that you can control, if you’re interested in a free home valuation to see what you’re home could get in today’s market, Click Here! Home that sold in July closed at 95.9% of original list price and 97.7% of current list price. When you look at a median sales price of $1,172,500, 2.3% can be a significant!
Days on Market
Homes that sold in July closed with a median days on market of 39. The spring and summer months are no stranger to quicker closing time frames. When you look back 6 months ago, February had a median days on market of 178! When you look at this statistic, it’s also good to relate this to list price ratios. Sold to Original List Price was 95.9%, that means a number of these homes reduced their prices in a short period of time. Now we’re of course talking about medians but it does paint a picture of the market as whole. It’s important to adjust to the market if you’re not seeing the correct activity. This is the way to beat out the competition who wait for the market, you want to be the market.
The Great Falls Real Estate Market continues to chug along this summer. The yearly trend as yet to break of high summer inventory and low demand. We presume inventory will begin to drop slowly yet consistently over the next few months. With such high prices in Great Falls, this trend may be hard to break. Interest rates have been great this year, so hopefully this will continue to enlarge the pool of buyers who are able to live in Great Falls. If you have any questions about the market or would like to talk about selling your home, get in touch with us today! The Canto Group doesn’t market and sell properties like every other realtor, fill out the form below for a free listing consultation to see how we will get your home sold!