Positive Signs for Real Estate in May

Here’s everything you need to know about our market’s performance in May.

Looking to buy a home? Click here to search all homes in your area.

Looking to sell a home? Click here for a FREE home valuation.

As we head into June, we’re beginning to see activity increase and more positive things happen in our market.

The average cumulative days on market, or how long a house sits on the market before going under contract, was just 20 for May—pretty darn low, and not much of a change from April’s 21-day average. Homes are still selling very quickly in our area.

In May, the average price per square foot was $253; in April, it was $254. That tells us that, overall, prices are remaining pretty stable. Both of these figures are still higher than the average price per square foot during the same stretch of 2019.

“Buyers are out, and their confidence is high.”

In April, 1,560 homes hit the market, whereas in May, we saw 1,574 hit the market. This is an indicator that sellers are becoming more comfortable with putting their homes on the market as Realtors adapt and exercise new precautions. That being said, both of these numbers are down by about 25% from the same period last year.

In May, 828 homes were sold. This is due to the market pausing as a result of the pandemic; in April, 899 homes sold, but a significant portion of those sales originated earlier in the year, well before the lockdown. These figures are down by about 30% year over year.

In May, over 1,400 buyers went into contract on a new home. In April, that number was only 987. This tells us two things: Buyers are out, and their confidence is high. There are fewer days on market, inventory is tight, but interest rates are phenomenal right now. Sellers: Now’s a great time to list your home, as there are plenty of motivated buyers willing to pay top dollar for it right now.

If you have any questions about real estate or anything happening in the market, give me a call or send an email. I’d love to hear from you and supply any information I can.