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May Market Update
As we continue through our spring market, which actually still feels a little like winter in the current weather and the urban marketplace, we are seeing some clues for where this market will take us this year! The market started a little slower this year, but seems to be getting more engaged now with our year to date numbers looking very similar to last year in all categories except the increase in Inventory and numbers of homes for sale! Our total Inventory is up 37% year over year, (buyers have more choices) with new listings up 6%, under contracts up 8%, and sold properties actually down just under 1%!
Our average prices are pretty steady with a year over year increase of only 1.8%. The good news is that our average prices actually peaked in April last year and we see average prices still having some growth this year, probably peaking in July or August with the slower start. Also, interest rates are staying pretty flat!
The biggest hurdle for our sellers is pricing correctly, as we see homes sitting on the market longer if not priced right! Price it right in the beginning!!!
The move up market has picked up with lower interest rates, and we are starting to see the Premier, Signature and Luxury markets starting to make a move!
The month of May always has some distractions with schools finishing the year, graduations, weddings and summer vacations coming soon!
What are your plans for the summer?
Damon L. Chavez
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