June 30, 2020
Currently there is approximately 2 months of inventory on the market. All sale categories have decreased in year to date 2019 vs 2020 with listings down 6.2%, pending sales down 10.1%, & sales down 13.1%. If you are just comparing the month of May in each year those stats are then 30.2%, 15.3%, & 34.9%.
However, listings and pending sales in May 2020 compared to April 2020 have increased quite a bit, which demonstrates more activity in the market as we get to the summer selling season. Prices also continue to increase with the average sales price up 8.9% from last year with an average of $340,700.
Interest rates remain at all time levels, with many buyers getting rates in the low 3%’s so although prices have gone up the lower interest rates still make it viable for many borrows to purchase a home.