May 2014 Market Report

Snip20140826_1The month of May was a continuation of a little slower market. The number of listings taken in May were down 9.3%. Transactions that were closed in May were down 7.3%. Inventory was up 33.1% over the same period last year. The most encouraging news is the increase in the median sales price up from $198,675 to $219,900 and increase of 10.7% Another rarely talked about statistic is the inventory of homes on hand, this is the length of time it would take to sell all of our current inventory. It increased from 5.2 months to 6.7 months.

The increase in inventory leans a little toward the benefit of the buyers. It is also important to know that we are averaging about 30 price reductions per day. This is an indicator that sellers may be a little over optimistic about the market when they are pricing their homes.