By Michael Ardolino, Broker-Owner, Realty Connect USA
Trending MLS stats–and what they mean:
- Inventory on LI decreased by 17.5% in July as compared to July 2015. As inventory decreases, prices increase. Buyers, don’t miss your opportunity.
- Our local area had a 4.6-month supply of inventory in July, as compared to 7.6 in July of 2015. We have moved from a buyer’s market (over 7 months) to a seller’s market (under 6 months).
- In our area, the number of homes sold in July as compared to July 2015 increased by roughly 40%. This is banner news for sellers.
- The Fed meets again later this month. Whether it will raise rates remains unclear. For now, buyers are still in luck.
This is an excellent time to sell your home. Homes that are priced right are selling, and many owners have more equity than they realize. Sellers, if you’ve been on the fence about listing, this is your cue.
Watch for our next issue: a full analysis of the first three-quarters of 2016.
Feel free to contact me: 631-941-4300 or Michael@Ardolino.com