May was a Seller’s market!
The number of for sale listings was up 65.6% from one year earlier and up 16.7% from the previous month. The number of sold listings decreased 7.1% year over year and increased 10.1% month over month. The number of under contract listings was up 13% compared to previous month and up 10.1% compared to previous year.
The Months of Inventory based on Closed Sales was 1.5, up 85.2% from the previous year.
The Average Sold Price per Square Footage was up 2.9% compared to previous month and up 5.1% compared to last year.
The Median Sold Price increased by 1.8% from last month. The Average Sold Price also increased by 4.2% from last month.
Based on the 6 month trend, the Average Sold Price trend was “Appreciating” and the Median Sold Price trend was “Appreciating”.
The Average Days on Market showed a neutral trend, a decrease of 4.5% compared to previous year.
The ratio of Sold Price vs. Original List Price was 100%, was the same compared to previous year.
Property Sales (Sold)
May property sales were 1,035, down 7.1% from 1,114 in May of 2023 and 10.1% higher than the 940 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 600 units of 65.6%. This year’s bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory was up 16.7% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 13% in the pended properties in May, with 1,157 properties versus 1,024 last month. This month’s pended property sales were 10.1% higher than at this time last year.
