Preliminary June data is in and it continued to show the impact of the very limited new contract activity experienced during March, April and May. Initial June figures show that monthly sales and transaction volume was about 40 percent lower than what we saw in June of 2019. Yet, with reduced single-family home inventory, the average marketing time continues to decline, now hovering between six and seven months. YTD volume is down only 20 percent (#) and 7 percent ($) from 2019 thanks to increasingly more activity in the higher end of our market.
Though June sales figures were much lower than historic norms, new purchase activity in June was remarkable. There were 56 new contracts during the month, far above the 40 contracts we saw during the same period in both 2018 and 2019. And this doesn’t capture the contracts not yet marketed in the MLS. We therefore expect to see sales and dollar volume begin to catch back up to historic norms, particularly in the upper end of the market.