This past week; Price changes are increasing more and more, and the rate increase announced today will likely have this trend continue.
Welcome to June, the weather outside is not agreeing with the calendar. But regardless, here we are. This month really is a continuation of the last month or two. Inventory is rising, prices appear to have peaked, and appears we are heading to a more balanced market. Overall homes are still selling, as you will see in the total numbers but that only tells part of the story. This past week we have seen 136 price reductions, 359 listings withdrawn and 34 expired listings. As you can see in the video, a good portion of the withdrawn listings based on the number of days, those withdrawn listings were on the market will likely relist at a lower price. Overall the market is still moving, it is not stagnant, however, pricing and marketing are becoming more and more important. Buyers are likely anticipating another rate increase in June, which could further cement this swing in the market throughout the summer, we could see a surge of buyers rush to get in this month before the rates increase again.
567 total sales in May (Down from 593 sales in April and also down from last year's sales of 800 sales in May)
1,853 total active listings currently which is up from 1,554 active listings in April. May listings are down compared to the 5-year average of 2,552 listings but up from1,475 last year. Currently, we are sitting at 57% of the average amount of listings for this time of year.
May median days to sell increased slightly to 20 days and the average days to sell came down to 27. Take this number with a grain of salt as you will see in the video a number of properties have relisted.
This past week we saw 136 Price Reductions.
Single Family Residential Homes
Single-Family Sales 265
New Listings 725
Current Inventory 1,079 (863 in April and 716 last May)
Listings Withdrawn or Expired 289
Total Sold Dollar Value $308,936,245
Median Days to Sell 22
Average Days to Sell 28
Average Sale Price $1,165,797
Townhome Sales 91
New Listings 183
Current Inventory 214
Listings Withdrawn or Expired 95
Total Sold Dollar Value $69,902,147
Average Days to Sell 26
Median Days to Sell 19
Average Price $768,155
Condo/Apt Sales 164
New Listings 232
Current Inventory 306
Listings Withdrawn or Expired 169
Average Days to Sell 25
Median Days to Sell 18
Average Price $518,637
Let me know if there is anything I can do for you! Have a great week and feel free to reach out with any questions! Mark
Personal Real Estate Corporation
Coldwell Banker Horizon Realty
2021 Top 3% Internationally Coldwell Banker