Mid-Summer Real Estate Market: Can You Still Get in and be Successful?

The Fourth of July typically marks the mid summer real estate market, with one-two more solid weeks of new inventory coupled with the scurry of home seekers to get in before school starts;  the "last hurrah" of demand. The first half of July has proven to be just that, the last push into the fall. We have seen only a slight bump in inventory, and despite rising interest rates a strong housing demand. 

June mirrored May, with both months showing 83 total single family units selling under contract. May offered a total of 341 available homes and June represented 346 on-market properties.

July has proven to be no different. There are 215 active homes for sale, 30 closings, and 153 homes are under contract. 

The million dollar question is; did I miss the opportunity to do well in the real estate market? Home prices are stable, showing a median sales price roughly the same month over month in three and four bedroom homes. The actual cost of those homes with a mortgage (opposed to buying cash) represents almost a full point in interest. The average rate for this past week ended near 4.51% on a 30 year fixed note, where the week ending May 16th, 2013 the average rate was 3.51%. That translates to a $400,000 home with 20% down a difference in $184.57 per month. 

What will July hold? Current trends are supporting the theory that buyers who are looking for a new home will not stop waiting for rates to drop. They will make well thought out purchases with-in market value. And conversely, sellers will find that market value is where buyer and seller will meet, not just what the most recent comparable sold for. 

Holly Connors is a Senior Broker and founding member of @properties. For more information, Holly can be reached at 773.862.0200 or holly@atproperties.com. You can also visit her website at getburbed.com.