Median sales price reaches highest June level on record

June’s tally of 1,414 closed sales dipped below last year’s level by 6.9 percent and below the five-year June average by .7 percent. The 1,344 new pending sales marked a 1.5 percent bump from last June and was just above the fiveyear June average by 1.7 percent, or 23 contracts. There were 1,721 new listings added in June, 3.4 percent less than last June’s mark. The 2,497 active listings dip far below last June’s active listing total 2,760 (-9.5%). The 2,497 active listings heading into July represent 2.5 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 2.6 months of supply last June. Half of the homes sold in June were on the market 11 days or less, two days quicker than the median DOM in June 2017. The $477,750 median in June was 8.6 percent higher than last June’s median of $440,000 and represents the highest June level on record. Closed sales rose
in the townhouse segment while dipping in the detached and condo/co-op segments.