The stats are in for the month of May and an increase in the number of listings follows historical trends during summer months. The absorption rate has increased slightly at 1.5 months which is still well below pre-COVID numbers. In May 2019 we saw a rate of nearly 5 months. (Absorption rate is the number of months it would take to sell the current active listings.)
The average sales price rose over the last year by 9.84% to $254,779 because of a prolonged inventory shotage. Depsite the low inventory, the number of homes sold rose slightly to 424, up 1.9% from May 2021. The average days on market is also down again this month by nearly 10% from this time last year. From the time the house goes on the market to closing, it took about 67 days on average.
The strong seller’s market continues despite the climb in interest rates. We are at the half-way point in 2022 and it appears the market is not slowing down!
