Boom!

For the last several years, June has typically been a softer month reflecting the shoulder season slowdown. That wasn’t the case this year. In fact, not only was June the strongest month of this year, it beat in dollars and transactions every month since December of 2007.
For the month dollar sales rose a whopping 86% over last year to $129.7 million. Transaction volume rose an equally impressive 69% to 262 transactions. May had seen sales of $116.3 million from 205 transactions.
Residential sales under $500,000 were particularly strong rising 40% over a year ago with a 50% gain below $200k and 100% gain at the $200-300K price point. Overall sales under $500,000 represented 68.2 percent of the transactions for the month which is well above the 60.3 YTD figure in May.
Mid tier properties ($500k-$1mil) didn’t fare as well representing only 23.3% of residential sales versus 29.5 in the prior 5 months. Higher end properties, however, were strong as a percentage of sales for the year but down a little from June of 2014.
The year to date average sales price for single family homes ticked up slightly from $862,364 in May to $864,074 in June. That figure is up 7% from a year ago and 10% from year end 2014.
Multi-family ASPs ticked down to $390,478 from $399,499 in May but still were 7% ahead of a year ago and 9% above the year end figure for 2014. The June drop from May most likely reflects the higher mix of low end sales than a drop in pricing for comparable units over the period.