Welcome to summer! Hopefully there will be plenty of nice weather over the next couple of months so you can enjoy barbecues, picnics, deck parties, and other outdoor activities.
Without question, it’s the perfect season for socializing. The long sunny days and warm nights are the perfect setting for sharing interests or discussing ideas with friends and family. You might even find yourself talking about the possibility of buying or selling a home.
If that topic comes up, remember that I’m always available to help with any questions you - or your friends or relatives - may have. Call or email me anytime.
My best wishes to you and your family. Have a great summer!
The detached market continues to improve with year-over-year increases in the number of transactions as well as prices. Inventory is also up and outpaced the bump in sales which led to a slight increase to the months of supply.
The attached market is behaving similarly with improvements to both sales and prices last month. However this is a tale of two product types with semi-detached homes up nearly 5% from a year ago while row homes are down close to 6%.
The apartment sector continues to face challenges. Total sales were down last month (although they're up this year as a whole). Inventory levels and months of supply are also up which could lead to further price adjustments.
|June 16||June 17||Y/Y % change|
|Months of supply*||2.29||2.33||1.57%|
|Average DOM||41 days||32 days||-20.96%|
|Months of supply*||3.48||3.33||-4.25%|
|Average DOM||49 days||44 days||-10.22%|
|Months of supply*||4.98||6.55||31.56%|
|Average DOM||71 days||55 days||-21.97%|
Months of supply* The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.
Benchmark price** The monthly price of the typical home based on its attributes, providing the best measure of price trends.
"FACELIFTS" THAT BOOST RESALE VALUE
If you plan on putting your home on the market, you obviously want it to look as attractive as possible to potential buyers. Improving the look of your kitchen or bathroom is a great place to start.
You don’t necessarily have to invest in a major - and potentially expensive - renovation. There are many simple, do-it-yourself ways to give your kitchen or bathroom a facelift and make it look (almost) new.
Here are some ideas to consider:
Instead of installing new cabinetry, just replace the cabinet doors and drawer fronts. Those alone will significantly improve the look of the room. In fact, even just replacing the door pulls can make a big difference.
Replacing the sink is also an easy renovation. You can purchase a sparkling new kitchen sink and faucet kit for far less than the benefit they will deliver.
Replacing the countertop in the kitchen is a more complex renovation and, in most cases, will require the help of a contractor. But, a handy person can probably tackle replacing the countertop in a bathroom without too much difficulty.
NOTABLE, QUOTABLE... QUOTES
“Nobody can go back and start a new beginning, but anyone can start today and make a new ending.”
“People may forget what you said or what you did, but they will never forget how you made them feel.”
“Our attitude toward life determines life’s attitude towards us.”
-John N. Mitchell
Not intended to solicit buyers or sellers currently under contract.
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