Home sales numbered 297 units in July 2016, rising 13.4 per cent on a year-over-year basis. This marked the third best month of July on record after 2003 and 2007.
On a year-to-date basis home sales totalled 1,729 units, running 14.8 per cent ahead of the first seven month of 2015. This was a record for the period.
The average price of homes sold in July 2016 was a record $263,380, up 9.5 per cent on a year-over-year basis. On a year-to-date basis the average price of home sales in the first seven months of 2016 was $257,081, rising 4.6 per cent.
New residential listings on the Association’s MLS® System numbered 412 units in July 2016. This was a decrease of 18.4 per cent compared to July 2015.
Active residential listings totalled 1,644 units at the end of July, down 35.7 per cent from the same time last year.
The number of months of inventory stood at 5.5 at the end of July, down from 9.8 months at the end of July 2015 and well below the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in July was $78.2 million, up 24.1 per cent on a year-over-year basis.
Sales of all types of properties numbered 358 units in July 2016, up 14.4 per cent from the previous July. The total value of all properties sold in July 2016 was $93.6 million, an increase of 23.9 per cent from a year earlier