June 2007 Market Wrap-up
After a less-than-stellar spring market through May, the real estate community didn’t have a lot of positive expectations for June. The beginning of the month definately didn’t give us anything to cheer about – sales were flat in all price ranges and it seemed that the only buyers out looking were first time homebuyers. The move-up market was absolutely flat in June.
Towards the end of the month, we started seeing some sunlight poking through the clouds and we saw sales start to pick up. Activity seemed to remain strong through the end of June leading into July. This is exactly opposite of what we would expect going into the weeks preceeding 4th of July – many families choose the end of June and beginning of July to travel and sales usually slow up. In a year where nothing has been normal so far, this is just another indication that activity continues to be tough to predict. Inventory remains extremely high due to the lack of activity in June. We’re starting to see some reduction as sales pick up a bit and some of the early spring listings begin to expire and go off of the market.