May Market Stats-Everything is on the Upswing
I’m sure you have heard lots of hype about the busy market and multiple offers and low product inventory. Yes its all true, May was a banner month for us. Please bear in mind however the year over year prices seem inflated as last year at this time we were still struggling to get a handle on the spread of the COVID19 virus.
All residential average price was up 11.7% year over year and 3.6% month over month. The low inventory is driving the prices up. We are sitting in a sellers market with 3 months of inventory remaining.
Single family dwellings are up 10.4% y/y and 1.4% m/m. But a sellers market of 1.9 months of inventory is what is causing buyers to panic and participate in multiple offers to get their next home.
Condos are up 13.0% y/y and 4.2% m/m and are at 6.7 months of inventory which is favoring buyers, yet again.
Duplex/Rowhouses are up 9.7% y/y and up 3.4% m/m with only 2 months of inventory, favoring sellers as well.
The new mortgage stress test increased as of June 1st which will put stricter parameters in place for buyers to qualify. This could have an impact on our market for the months to come. Many buyers may have rushed to get their home prior to this stricter criteria coming into play.
If you or someone you know is in the market to buy or sell, please advise them to use a professional. Of course, I’m never too busy to work with your referrals.
Enjoy our summer weather.
