Sales: In May there were 1078 homes and condos that sold. That’s slightly up from April and the good news is that 9% over last May. New inventory for the month was just one more than the same time last year. In fact, it was so close I thought there might have been an error on the statistics with 1720 new homes and condos coming on the market. Even though we are seeing an increase in sales, to a buyer, there is still limited to choose from. Pending sales remained at the same level with 1336 contracts accepted. We should expect to see those numbers translate to a healthy number of sold units this month and into the fall.
Home Inventory: It's interesting when you look at what's actually happening in the market. In May of last year we had almost 4400 homes and condos on the market. This year we're down 15% to just over 3700 homes. That contributes to why we are starting to see shorter days on market, on average, with 49 days versus 62 last year.
Price Points: Maintaining our market consistency, we saw the majority of home sales fall in the $250,000 and under mark accounting for 74% of the total sales. 23% of sales were of homes between $250,000 and $500,000 and just 3% of the total sales in May were of homes in the upper end, that's $500,000 and up.
The key to being one that sells, is in pricing and amenities! If you win the price war and beauty contest in the neighborhood, then you'll win over the buyer!
If you're looking to buy or sell a home, call us today at 505-238-1000!
