What changed about our market this past May compared to May 2016? Let’s look at how the numbers stack up.
This year, we had 10,504 new homes come on the market, which is a 4.2% increase from the 10,074 homes that came on the market in May 2016. Inventory decreased 6% from 24,172 available homes in May 2016 to 22,704 available homes in May 2017. The number of homes sold increased 10.9% from 8,832 in May 2016 to 9,797 in May 2017. Our month’s supply of inventory went from 2.74 months in May 2016 to 2.32 months this past May, which is a 15.4% decrease.
This 6% decrease in inventory and 10.9% increase in buyer demand means we’re in a strong seller’s market in most neighborhoods. However, this can also vary depending on your price point. Interest rates are the lowest they’ve been in 2017. The last email I saw from Freddie Mac said that the average 30-year fixed rate was 3.875%.
If you have any questions about our market or you or anyone you know is interested in buying or selling a home, don’t hesitate to give me a call. I look forward to hearing from you soon.