Pam and SuzAnne got together this week to discuss what the real estate market looked like in June and compared those numbers to June 2021. In May, we were excited to see what the numbers would look like in June because we were starting to see some changes in the market and we began forecasting what numbers we’d start to see.
Closed sales for June 2022, we had 4,331. Now in comparison to June of 2021 we had 4,804. So we are down 9.8% year to year. So in May, pending sales were down 6.2%. So, those numbers are adding up. We were down 6.2% in May pending sales and then, of course we’re down 9.8% closed sales in June.
While it still feels like homes are only on the market for a day or less, on average, houses are on market for 16 days. This shows the balance between homes that fly off the market versus a few houses that can be on the market for 30, 60, 90 days.
Our pending sales for June 2022 were 4,078 as compared to 4,236 in June 2021. So should we expect the numbers to still go down in July? Not necessarily, we may see some recovery, but it is possible to see a continued trend of that number going down a little bit more.
Currently our supply is on average 1.3 months, whereas in June 2021 we were seeing 1.2 months. So we are starting to see an increase which we so desperately needed. This makes a huge change in our market.
The average sales price this year compared to 2021 went up almost $40,000 from $318,229 to $357,395. That’s 12.3% increase! So, if you bought a home last year, you’ve already built some equity. We usually expect a 3-4% increase in appreciation and that has almost quadrupled.
How do these numbers compare to Johnson County, Kansas? Our supply for June was at 1.1 months. Exactly the same as to where we were in June of 2021. For average price, we are at $491,270. Last year at this time, Johnson County was at $442,057. So that has increased 11.1%!
So what does this mean for buyers and sellers? This is still very much a seller’s market. If you’re ready to sell, the market needs more inventory. As for buyers, this is also a great time for buyers! While interest rates have gone up, they are still historically low. Buyers are pulling out of the market so we’re seeing less competition which can provide an advantage.
Overall to be successful in a real estate deal, you need someone who understands the market and the strategies that will work with the ever changing landscape. If you are even curious about the market and what your options and possibilities are… call us! We would love to take you through the specifics of your situation so you understand your options and can make the best choice for you and your family.