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June 2019 closings slumped and fizzled with weakness in every market segment except the luxury market segment. In fact, the market is now 8% behind last year. The high rise market segment has now tumbled and fallen back to 2014 levels.
Closed sales by community reveals anywhere from 2 to 14 months of inventory – depending upon the specific community. Overall there is 2.9 months of SFR inventory. The months of inventory increased from 2.5 month as a result of in increase in available inventory even as closed sales slumped behind last month and last year. Yet, that doesn’t seem to curb the over pricing! The good news is that this market shift has put downward pressure on listing prices of available inventory as well as SFR closed sales prices. June 2019 SFR closed sales retreated 11.4% from May 2019 and 11.3% from June 2018. Condo and town-home sales declined and are back at 2016 levels. There is now 2.8 months of condo/town-home inventory currently available. Vertical/high rise sales continue to stall at 2014 levels while luxury sales keep pace!
The median closed sales price of an SFR improved slightly to $304,000 while the average closed sales price of an SFR slipped from $358,124 to $353,893 for a 1.2% decrease. Both the median and average closed sales prices of an SFR remain below the 2006 peak!