May is in the past and the summer is here! May flew by fast with homes selling in an average of under 2 months and sellers received an average of 97.3% sold price to list price ratios. With over 1,500 (1,505 to be exact) homes listed in May, 732 homes sold (48%) and 1,018 (67%) were placed under pending status'. A total listing volume of $313,461,683.00 for all units was the second highest volume per month in the past year behind last months $359,878,957.00. WOW!
May held an average list price of $177,900.00 per unit. This is a 2% decrease from May 2018. The market has gone down since May 2018 with a worse numbers for pending units, sold units, sales volume, median sale sprice, and days on market. However, when comparing to the first quarter of the 2019 real estate market, the number are better! We are seeing not only more pending properties, but we see a trend leading to higher sales volumes and lower days on market, meaning homes are selling faster. Days on market for May 2019 averaged 53 days which is substantially better than April 2019's average of 64 days on market. The big number to watch in the next few months is the Month Supply of Inventory. The market is holding a low 3.2 months supply of active listings at the end of May. Ideally we can get this number up over the next couple months into the 5.0-6.5 range. Low inventory correlates to fewer sales. For buyers that may mean more competition with other buyers on a individual home. The best news and take away from this month is that mortgage rates are going down! This is something that not many people expected at all, even lenders. The next couple months will be exciting to watch how the market turns and I look forward to seeing a lot more homes being bought with lower mortgage rates, but the real question is will we see more lenders?