July Market Wrapup
Looking back on the July market, we experienced a further slowdown from 2006 levels of nearly 10%. The lower price ranges continue to sell fairly well, furnished apartments and luxury apartments for rent seem to be fairly active. Even mid range 2 bedroom apartments are still showing a healthy amount of demand.
Usually a slow month in the industry due to lots of family vacations going on and the increased gas prices of summer, July 2007 was no exception to this. In its place and for the same reason, vacation rental properties like homes, luxury apartments or studio apartment, and penthouses have been doing quite well. Towards the end of the month we started to see an uptick in activity. However, many 2 bedroom apartment rental lenders are reporting much of the sales activity going on right now is in the first-time homebuyer segment of the buying population.
Many of us that have been doing open houses have seen some increased numbers of buyers out looking and flyers are starting to evaporate from brochure boxes around the area. This points to a likely resurgence coming in August, September and October. What this means is that if you have been looking for luxury homes and Luxury Community Lots for Sale, that will be the best time to look carefully and be ready to close the deal.
The other factor is that we’re seeing an increase of homes coming on the market this fall. This is bad news for sellers who have been waiting, some for months, for a contract. As inventory increases, it will likely absorb some of the upswing in buyer activity we’ll see this fall. The net result will be that we won’t see a significant reduction of inventory likely until the winter months. If you are a seller in this market, my advice to you is to get your home looking sharp and price it well these next few months and plan on pushing forward with a sale before winter hits. For buyers during the next few months, expect to continue to see great prices and exceptional selection.