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Cromford Report – July 2015

For those first-time home buyers hoping to buy a single family home for under $200,000, they may want to hurry it up. New single family listings per month in this price range have been steadily declining since 2010 and have dipped below the level of sales for the past two months with June looking to follow suit. Very few single family homes have been built to add to supply for entry-level buyers as most builders have been placing their bets on multi-family for the past few years. Thus far in 2015, condos and townhomes accounted for 24% of new listings under $200k compared to 22.5% last year and 23% of sales compared to 21% last year. As supply in the single family market continues to restrict on the low end, condos and townhomes may become more attractive. However due to high percentages of investor-owned units, financing may prove difficult.

Cromford Dashboard July 2015