For the fourth month in a row, new listings were up year over year, providing Buyers with more housing options and generally creating less urgency to make their decisions. New listings totalled 340 at the end of July 2019 vs 306 in July 2018, boasting an 11.1 % increase in new listings across the Western Region year over year.

 

 

The Months of Inventory fell slightly from 4.4 to 4.o, still well within seller market conditions. Active listings jumped 22.0 % over last July with 858 properties available vs 703 July 2018. With more listings available and ongoing strong demand, sales activity rose 36.5 %, marking a substantial increase year over year with 217 sales reported July 2019 vs 159 July 2018. It’s worth noting that the total dollar volume of property sold surged at an even more impressive rate, coming in at $120,470,025, marking a 66.5% increase year over year. The average sale price for a residential property across the Western Region showed a significant 22.0 % increase year over year to $555,161, with all areas within the Western Region reporting an increase year over year. With sales activity up year to date 6.4 % over last year, it appears that Buyers, although hesitant about overpaying, were prepared to jump into the market when they found good value and those Sellers who were realistic about their pricing were likely to sell their homes within a reasonable time frame.

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