July weather heats up while local real estate market cools down

After a fairly robust local real estate market in June, the month of July blessed us with gorgeous beach, boating and back yard barbecue weather and challenged us with a brief heat wave that broke the 100 degree barrier for a short stint.  These factors and the national debate over our nation's debt ceiling limit apparently combined to keep a few more people away from house hunting this month, at least in our little corner of the world.  

Although July's prices did see some movement, they don't seem to be very far off from the numbers posted in June.  The volume of pending sales, however, was certainly down.  These monthly statistics cover the towns of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport. They reveal a respectable level of activity for residential properties that went under agreement from 07/01/2011 through to 07/31/2011 in our local market area serviced by the H3MLS-Property Information Network.

The total sales volume was recorded at 119 new properties that went under agreement during the month of July, which is a 22.7% decrease from the 154 properties in June, offsetting the 22% gain in volume realized from May to June.  New pending sales data for the month of July 2011 indicated a slight 0.52% decrease in the median sale price recorded at $209,900. and a slight 1.29% increase in the mean sale price that was tallied at $257,208.  The mean posted a 2nd consecutive month of gains.

With interest rates at such low levels and adequate funding available to qualified applicants, this is quite an opportune time to buy! 

If you're ready to jump into the market and take advantage of the opportunities that exist, contact us today to determine your options as either a buyer or a seller.  We're here to work through the complexities of the local real estate market, make sure you neither under sell or over pay for your property, and to help you out along the way!

If you are a Southcoast Health System employee click here to take advantage of our new discount service prpgram.  Save up to 30% on brokerage fees.

july2011residentialstatistics.pdf
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