The headlines have been buzzing with news of rising home prices, and it’s no surprise. Over the past few months, inventory has been shrinking. There were 296 guard-gated homes for sale in June, which was down 4% from May (309 sales) and 12% from April (335 sales).
While 65% of the homes sold within 30 days of being priced correctly, don’t let these numbers lull you into a false sense of security if you’re looking to sell. Buyers continue to seek homes that are either newly built, recently renovated, or impeccably presented. It pays off to put your best foot forward before listing your home for sale. Our team is always here to provide recommendations on what you can do to maximize your sales price.
There were 76 closed sales in guard-gated communities in June, which was down 19% from May. This decline was expected due to May’s 11% decrease in pending sales. The number of closed sales is a lagging indicator because once a home goes into contract, it can still take an average of 30 to 45 days for the sale to officially close. Pending sales at the end of June were up 20% from May, so we should see an uptick in July closings.
As for now, the market will remain competitive for buyers and lean in favor of sellers. Land is limited, and the cost to build is still high. Whether you’re looking to buy, sell, or simply have questions about the real estate market, our team at the Rob Jensen Company is always here for you. Please give us a call at 702.605.7482 or send us an email any time.