May Market Update
AVERAGE SOLD PRICE:
May 2021 – $660,884
May 2022 – $765,863
The appreciation from 2021 to 2022 slowed a little bit in May going down from 16.5% last month to 15.9%. Rising interest rates have slowed buyers and sellers entering the market, but the market is still appreciating at higher levels than we saw pre-pandemic.
May 2021 – 0.7 inventory
May 2022 – 0.8 inventory
As we stated above, the market has slowed a little due to rising interest rates which has caused our monthly inventory numbers to go up. Depending on the number of buyers and sellers, this may go up or down in the coming months.
May 2021 – 4,427
May 2022 – 4,478
We are three months into an increase in active homes on the market. We expect this number to stay around this number as other factors continue to impact the market.
DAYS ON THE MARKET:
May 2021 – 17
May 2022 – 13
Another month of decreases in the days on market for homes. We saw a smaller gap from last month’s year-over-year of -5 days to -4 days. Please keep in mind that these numbers are swayed by larger homes and remodel projects.
Rates are climbing and prices are climbing! This is the second month advised all interested parties to make their moves now. Buyers should look now so they don’t get priced out by the rates and price increases. Sellers should sell because we expect a slowing of the market as buyers get priced out. Investors should buy as we expect prices to continue climbing and the earlier you get in the better!
Curious to know more about the market in your neighborhood or community? Give us a call!
Please keep in mind that every real estate transaction is different, but we are always happy to sit down and have a conversation and help you look at your options for buying, selling, or investing.