May 2016
We are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price, depending on the factors of the home and submarket in question. It was widely predicted that we would see healthy sales activity during the second quarter of 2016, and the market has not disappointed.
New Listings were up 18.3 percent to 1,725. Pending Sales increased 17.6 percent to 1,369. Inventory grew 4.7 percent to 4,970 units.
Prices moved higher as Median Sales Price was up 5.1 percent to $163,450. Days on Market decreased 20.6 percent to 81 days. Months Supply of Inventory was down 5.7 percent to 5.0 months.
Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current slow state of new construction for non-rental households, the road ahead could be tricky if demand remains high.
Information courtesy of CMLS*
