July Update Highlights
July 02, 2024
Cromford Market Update with Tina Tamboer, Senior Analyst | The Cromford Report ™
| Supply | 25% below normal +.6 points MOM +61.7% YOY! |
| Demand | 23% below normal -2.2 points MOM |
| New Listings | 7,330 in June (including Coming Soon) +5% YOY |
| Closed Sales | 5,908 in June -15% YOY |
| Listings Under Contract | 7,162 last week -2.6% YOY |
| Days on Market at Contract | 30 DOM in June +9 days YOY |
| Median Sales Price | $450,000 +1.1% YOY |
| Annual Avg Sales Price/SQFT Appreciation | Total +2.7% YOY Under 2,500 sf (79% of sales in ARMLS) +2.9% YOY Over 2,500 sf (21% of sales in ARMLS) +2.1% YOY |
| Price Reductions | 20% in the last week of June 9,207 month total haven’t seen that many since June 2014 |
| Sales Over Asking Price | 17% |
| Concessions | 50% – total sales $9,765 – median higher than normal; 38-40% typical during this time of year |
| Sale Price/List Price Ratio | 97.8% |
| Cancellations | 1,500 in May haven’t seen that many in a month since 2015 |
- We are now in a strong Balanced Market.
- We are experiencing a major shift in the marketplace, which will affect the advice you give to your sellers. Homes will not sell as quickly as sellers would like or for the price they expect.
- Our market metrics are consistent with 2014/2015, our last real Balanced Market.
- 9 of 17 major cities are in Seller’s Markets. 2 of 17 are in balance, and 6 of 17 are Buyer’s Markets. All but two cities have weakened over the past month.
Bison Ventures is proud to offer the Bison Refinance Program, designed to empower our agent partners and motivate prospective buyers. This initiative addresses buyer concerns over fluctuating mortgage rates, making now an opportune time to buy.
Benefits for Agents:
- Ease Buyer Concerns: Highlight the opportunity for no-fee refinancing after six on-time payments of their new mortgage, helping clients look past current rates.
- Stand Out: Differentiate your services by offering financial pathways that lead to savings and more affordable homeownership.
- Foster Client Trust: The option to refinance within three years promotes long-term planning and positions you as a trusted advisor.
| Partner with Bison Ventures: Let’s collaborate to turn the dream of homeownership into reality for more buyers. Contact us to learn how the Bison Refinance Program can be a game-changer for your business. |
Please feel free to reach out with any questions, and if you would like more detailed notes, please click here.