Monthly Market Report
The MEDIAN single family home sales price in May was $799,000, an increase of 2% over the previous May. Prices have risen almost 17% since January of this year.
The end of May shows total home sales are below 2015 levels by 11% also decreased month over month by 1%. There were 165 single family homes sold this May compared to 185 during May 2015.
Active inventory of single family homes in May was down 5% compared to May 2015 but increased by 11% compared to April 2016. Comparing the number of homes sold (165) to the number of homes available (516) gives us 3.12 months of inventory. Anything under 5 to 6 months of inventory is generally considered to be a seller’s market.