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Welcome to this months market update. Lets take a look at residential real estate activity
in your area during the month of July. The number of active listings was down 10% from
one year earlier and down 3% from the previous month. This smaller inventory means that buyers
who waited to buy may have had a smaller selection to choose from. As you can see, the median
listing price for the month was just under $2M. Compared to last year, the average number
of days that units spent on the market before being sold was down 40%. This lower number
of days may signal a positive trend in the local inventory turnover rate. Meanwhile the
median sale price was just over $1.5M. Overall the number of units sold increased 67% year
over year and increased 25% month over month. These figures may indicate that buyers have
been taking advantage of competitive pricing and interest rates. Thanks for watching. We
hope you use this information to make smart, informed decisions in your upcoming real estate
transactions. Feel free to contact us for more information or further assistance.