All information below is pertaining to Q2 of 2025 unless noted otherwise.
Vacant land:
Average inventory count is at 8.66 which is the highest since 2023 but demand for vacant land still remains high even at record prices. A bubble seems to be forming here. Also this indicates the future trend of permits being issued will remain elevated for at least the remainder of the year. Average sale price is $66444
New construction 3 bedroom homes:
Average inventory count is at 12. We have now gone 3 months consecutive with double digit inventory count when looking at a week by week tally. This is the first time that has happened since 2022 indicating an unusual pattern of inventory build up. This could be an early indication of demand weakening or supply eventually out stripping demand. Although when you look at the under contract tally count, it still indicates the demand for houses is still there. The under contract tally was 19 vs Q1 at 23. June count was 2 and surprisingly July so far is at 6 indicating an uptick in demand. Although the current inventory pattern mentioned earlier is still a concern. Average DOM is 37 which is low historically. Average sale price is $394336. Sale price to list price ratio average is 100% (sale price divided by list price)
Existing 3 bedroom homes:
Average inventory count is at 7. Generally speaking inventory is low historically but has had an uptick to double digit for two consecutive weeks now. Notice that new construction and existing seems to be sharing double digit patterns. It will be interesting to see if existing continues with its double digit pattern. If so, that could be the breaking point to allow new construction prices to begin its downward trend. Average DOM is 21 which is very low historically. Average sale price is $388333. Sale price to list price ratio average is 100% (sale price divided by list price)
Permits:
The permit count is at 39 vs Q1 at 47. Both these numbers are historically high with 47 being the highest ever recorded. This is happening at a time when inventory seems to be in the early stages of inflating and vacant land prices at the highest prices I have ever seen. This indicates to me that speculators are not slowing down regardless of land prices and that housing inventory can surge well beyond what demand can handle. It really feels like a frenzy of greed at play which will end with fear of loss as history has proven itself over and over again.
This article was written by Brandon DeLima a local builder and entrepreneur.
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