Balanced Market means better news for sellers!
While May has come out with almost every indice being down Year over Year across almost every segment the results are lower inventories, while “Days on Market” are still higher Year over Year.
Pricing, # of New Listings, # of Sold Listings all down year over year, therefore increasing the likelihood of prices stabilizing as inventories drop. This includes the number of new listings being lower than last year.
While too early to be definitive, it’s possible the buyers market may be behind us which may signal a more focused effort from buyers in the market to act sooner vs later on the consideration of potential values increasing if inventory continues to trend as it is.
Check out this comprehensive article on the latest impact and improvements from Steve Randall here
Excerpt on pricing:
The average price of a single-family home rose from $427,657 to $431,484 (0.89%); for condo units there was an increase from $228,933 to $237,802 (3.87%); and for duplex / row houses the average price increased from $330,795 to $334,704 (1.18%).
The average sales price of all residential listings rose from $365,129 to $368,514 (an increase of 0.93%) since April, but that price has decreased by 2.99% (from $379,864 to $368,514) since May of 2018.
Want more info? Have specific questions? Give a call / drop me a line any time!
Want more info? Have specific questions? Give me a call / drop me a line any time!