As we hit the middle of June, many folks are wondering where the market is headed. Today I’m presenting the freshest market stats from last month to offer some clues:
Key: May 2020 | April 2020 | May 2019
New listings: 4,418 | 3,622 | 5,719
We saw a 22% month-over-month increase in new listings, which is not a surprise considering that everything was shut down in April. This May’s listings, however, are a big decrease from last May, meaning that sellers have been slower to come out of this than buyers.
Homes for sale: 5,348 | 6,731 | 8,600
The inventory crunch is real; we’re down 20.5% month over month and a whopping 37.8% year over year. Let’s look at the next indicator to find our culprit.
Pending sales: 5,083 | 3,179 | 4,470
As you can see from this nearly 60% month-over-month increase, the buyers have come back to the market with a vengeance, and they’re snatching up all of the inventory.
Closings: 3,033 | 3,111 | 4,420
Due to the pandemic and subsequent restrictions on what we could and couldn’t do in real estate, we expected May to have fewer closings. Sure enough, those numbers are down 2.5% month over month and 31.4% year over year. That being said, we anticipate June to be a huge comeback month just based on the meteoric rise in pending sales that we saw this May.
Median days on market: 10 | 7 | 11
Not a whole lot of change here. Homes are still moving fast on the market.
Median price: $273,000 | $282,000 | $265,000
This one is interesting; we’re still up from last year, but we’re down a bit from last month. Given the incredibly low inventory and high number of pendings, we expect the median price to rise again.
If you have any questions about this information and want to know what its bearing will be on your specific situation, give us a call or send an email. We’d love to hear from you and help in any way we can.