May 2016 Market Update

Here is a summary of what happened in May 2016 for single family resale homes in the four primary counties.  Closed sales are up by 14.7% year to date over 2015. Pending sales were up by 3.2% over April. New listings taken this year are down by -1.3% compared to last year for the same 5 month period. The absorption rate this month is currently at a 3.5 month supply. Total single family resale inventory is now down by -1.3% active listings for sale compared to last year. The overall year to date appreciation rate is at 1.1% for all four counties over last year, using a median sales price of $189,000. Sellers listing their home at market price took 53 days on average to receive an acceptable offer. Price reductions came in at 1125 for the month in an effort to generate an offer. There were 929 pending sales in May. The average list to sale price has increased slightly to 96.7%. That’s the way it was for May 2016.

Cindy Gotobed

Cindy Gotobed

Licensed Associate Real Estate Broker
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