July Market Report

July was a typical month overall, though sale numbers and volume came in on the slower side compared to last year, -24% and -30%, respectively. Transactions last month totaled 22 for $60 million in volume. Buyer activity has picked up since, and there's now a healthy number of purchase contracts in the pipeline. Demand remains strong in the luxury segment, and we expect increased high-end sales activity in the second half of the year as the busy season continues.

While the number of sales is close to flat compared to this time last year, dollar volume is up 16%, and both the median and average sale price have increased year-over-year. Year-to-date, 169 transactions have closed, totaling $441 million, compared to 175 sales and $380 million last year.