How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.
New Listings were down 28.9 percent for single family homes and 20.4 percent for Condo/TIC/Coop properties. Pending Sales remained flat for single family homes but decreased 19.0 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 9.7 percent to $1,431,000 for single family homes and 12.4 percent to $1,175,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 36.0 percent for single family units and 32.3 percent for Condo/TIC/Coop units.
Although the unemployment rate remains unchanged at its favorable national 4.3 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.
Click here for full report: SFAR_MarketFocus_2017-July
James Cagney and Bob Hope at a Friar’s Club Meeting back when actors were real performers. Bob Hope was 52 and James Cagney was 56. The year was 1955.
For the young folks, here is something you’ve probably never seen before and, unfortunately, you may never see again.
For us older folks, this is the best of the best, and we had it for many years! This is a side of these two entertainers you hardly ever saw, but it shows you their enormous talent. Bob Hope, the best of comedians, and James Cagney, mostly cast as the bad guy, a gangster in the movies.
Click HERE to watch the video!
When we think of friendship, we may think of Facebook, but this holiday actually dates back to 1919. Although it was created by the Greeting Card industry, it has found footing once again thanks to how social media has changed the way we interact with our friends.
Thanks to Facebook, we can now reach thousands of people in just one post, and also stay connected with people that we have known for a very long time. This being said, nothing changes the value and timeless impact the institution of friendship continues to have on who we are.
On friendship day, take this opportunity to reach out to your closest friends and let them know how much they mean to you.
Wishing you a Happy Friendship Day!