This year’s May has seen an similar median sold price and an increase in properties that went under contract compared to last year’s, while the average days on market has increased and the number of closed sales has decreased. The month’s supply of inventory has decreased and number of new properties for sale has decreased.
MEDIAN SALES PRICE and CLOSED SALES
May 2014 had almost the exact same median sold price as May 2015, changing only 0.2%. The year-to-date price was similar to last years, only fluctuating 1.5%. The median sold price in May was very close to the the year-to-date median sold price this year: there was only a 0.8% difference. There were five fewer closed sales this May compared to last year’s, representing a decrease of 16.1%. The year-to-date closed sales also decreased, but only by 7.1% since last year.
PROPERTIES UNDER CONTRACT
More properties went under contract in May 2015 than in May 2014, increasing by 33.3%. The year-to-date number of properties that opened escrow was approximately the same, decreasing only by two. May 2015 makes up about 37% of all properties that went under contract so far this year.
DAYS ON MARKET and INVENTORY
The number of average days on market increased by 64 compared to May 2014, representing a 48.1% increase. May experienced a higher number of average days on market than the year-to-date number of average days on market. There is also a decrease in months supply of inventory this year’s May compared to last year’s, decreasing 31%.
NEW PROPERTIES FOR SALE
There are fewer new properties for sale in May 2015 compared to May 2014, decreasing by 8.4% (8 properties). The year-to-date number of new properties for sale is largely the same, only showing an increase of 0.6% since last year.