Locally last week we saw a huge boost in under – contracts, while nationally we’re seeing a decline in under-contracts.
How is the local market as an aggregate?
With July 4th, last week we had a much more normal week.
At 79, the 2021 year-over-year new listings were in alignment with our historic normals of 72 (2018) and 80 (2019), with 2020 far higher at 120.
Under-contracts were at record highs last week at 153, as compared with 103 in 2018, 98 in 2019, and 128 in 2020.
Our month’s supply of inventory was our lowest of the year at .6, compared with 1.33 MSI in 2018, 1.28 MSI in 2019, and 1.09 MSI in 2020.
2021 year-to-date under-contracts continue to far surpass the last three years.
Last week reflected the biggest deficit of inventory that we’ve seen this year. Good time to come to market.
How Is The Local Market
Last week, buyers went under contract on a huge amount of property under $2mm. It was quieter above $2mm, so buyers may have a little more to work with there.
*Data nerds, click the chart
National Real Estate Trends
Some buyers have hit their limit on record-high prices, but others may return to the market with more homes to choose from and less competition.
National key housing market takeaways for 400+ U.S. metro areas (data based on homes listed and/or sold in the four week period prior to June 27th):
*The median home-sale price increased 23% year over year to $364,048, a record high.
*Asking prices of newly listed homes were up 14% from the same time a year ago to a median of $366,202, also a record high.
*Pending home sales were up 15% year over year, the smallest increase since the four-week period ending July 19, 2020. Pending sales were down 9% from the four-week period ending May 30, compared to a 2% increase over the same period in 2019.
*New listings of homes for sale were up 6% from a year earlier, and have been mostly flat since the beginning of May.
*New listings had been below 2019 levels since late March, but reached parity with 2019 during the most recent period.
*Active listings (the number of homes listed for sale at any point during the period) fell 33% from 2020—the smallest decline since the four-week period ending February 14—but have climbed 7% since their 2021 low during the four week period ending March 7.
*55% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 45% rate during the same period a year ago, but down 2 percentage points from the high point of the year, set during the four-week period ending March 28.
*41% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier, but down 2.6 percentage points from the high point of the year, set during the four-week period ending March 28.
*Homes that sold were on the market for a median of 15 days, a new all-time low and down from 39 days a year earlier. A record 55% of homes sold above list price, up from 26% a year earlier.
*The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 102.4%.
*In other words, the average home sold for 2.4% above its asking price. This measure is an all-time high and 3.8 percentage points higher than a year earlier.
*The share of homes for sale with price drops rose to 3.8%, surpassing 2020 levels for the first time this year.
*A few large markets–New York, Washington, D.C., and Chicago drove this trend, posting the most sizeable increases in their price-drop rates.
*Mortgage purchase applications decreased 5% week over week (seasonally adjusted) during the week ending June 25. For the week ending July 1 30-year mortgage rates fell back below 3% to 2.98%.
*From January 1 to June 27, home tours went up 26%, compared to a 47% increase over the same period last year according to home tour technology company ShowingTime.
To recap, as we saw above, locally last week we saw a huge boost in under-conracts, while nationally we’re seeing a decline in under-contracts. Nationally inventory went up, while locally inventory is was at an extreme low last week. Good time to sell locally!
Food Security Project Update
This week we are finally harvesting something other than greens!
Katie and volunteers dug up the garlic which will cure in the greenhouse for the next few weeks before being distributed to Community Food Share recipients.
Next week we should also be harvesting summer squash, kale, collards, peas, and (maybe!) cauliflower and broccoli.
Is your garden producing extra food?
Consider donating your surplus to Community Food Share!
1. Take a photo or video of your garden and donation
2. Weigh your donation
Post your photos and weight on Social Media and tag @burgessgrouprealty and the #foodsecurityproject
4. Drop of at Community Food Share Farm Stand
(Leave donations on their outdoor farm stand (located at the main entrance) at 650 S. Taylor Avenue, Louisville.
If you need help unloading, pull up to Dock Door 3 (on the east side of their building), Mondays-Fridays, 8:00 AM-3:00 PM.)
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