The spring market is in full swing and we are seeing new inventory enter the market every day, while existing homes are selling at a faster rate than at the same time last year. We are experiencing good movement at all price points, particularly under $1 million. We also continue to see the ultra high-end luxury market have a few transactions, which is encouraging.
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales is up over the same time last year with 40 properties selling as compared to 26 in 2016. This translates to a 53.8% increase year-over-year. Overall, 125 properties have sold compared to 105 by the same time last year, which represents a 19.0% increase. The median sales price decreased this month from $686,250 in May 2016 to $564,000 in May 2017. The year-to-date shows a decrease of 5% from $638,000 last year to $606,000 this year. We expect the median price to increase again given higher priced sales that have entered escrow or are pending.
PROPERTIES UNDER CONTRACT
The number of properties that went under contract took a huge jump over last year with 96 properties under contract compared to only 28 in 2016. This represents a 243% increase. Overall in 2017 we have seen an 56% increase in buyers jumping into the market, with 198 properties going under contract since the beginning of the year, compared to 127 last year.
DAYS ON MARKET and INVENTORY
We are still dealing with a shortage of properties available for sale this month. The months of inventory has decreased to only 4.5 months, – which is even less than April’s 5.4 months. 87 new properties entered the market this month, compared with 83 last year. Overall, we have 3% less properties entering the market this year than at the same time last year. The average days on market has decreased slightly over May 2016 with homes spending an average of 155 days instead of 191.
Early June continues to bring strong interest in the market from both buyers and sellers. Don’t wait ! Take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.
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