Monthly Market Indicators 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 sub-market 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.

Closed Sales decreased 1.2 percent for detached homes but increased 4.2 percent for attached homes.

Pending Sales increased 12.1 percent for detached homes and 8.6 percent for attached homes.

The Median Sales Price was up 7.9 percent to $650,000 for detached homes and 10.1 percent to $415,000 for Attached homes.

Days on Market decreased 17.5 percent for detached homes and 18.8 percent for attached homes.

Supply decreased 18.2 percent for detached homes and 41.7 percent for Attached homes.

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.

Download (May-2016-Monthly-Indicators.pdf)