The month of May continued with increased demand and decreased supply. In comparison to May 2015, this year 34% more single family homes sold versus May 2015 (123 versus 92). While the number of listings that came to market were down 22%, at the end of the month, the active inventory for single family homes was 188 versus 345 at the end of May 2015, a decrease of 45%.
May only seems to enhance the lack of supply and increased demand that we have seen for the 1st 5 months of the year. Year to date statistics for single family home shows that the number of new listings that have come to market is down by 10% while the number of sales are up by 38%.
As a result it is critical for buyers to have familiarity with the market in advance of making a decision so that when the right home for them comes available they are comfortable in making the decision. Also they need to be able to act quickly when the right home for them becomes available as it is likely there is someone else that will like the home as well.
We are here to assist you with your research and comfort level in advance. Also if you would like more in depth statistics for different style of real estate or specific local areas please do let us know.
Rudi & Trish