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The market stats for May, according to RMLS, showed improvement in just about every category that matters for home values.
The full report is below.
Activity is high and keeps growing. The number of accepted offers is up 16.4% over last year and 6.6% over last month. The number of homes sold was up a whopping 20.4% and 15.1%, versus last year and last month, respectively.
The inventory in months is down to 4.2 months, the lowest that our active inventory has been in over 5 years.
Regarding home values, the median sale price rose 6.6% versus the same month last year and the average rose 7.2% versus last year. Comparing the first 5 months of this year to last year, the average sale price is up 1.1%
All real estate is local. So, let me know if you’d like to know what’s going on in your neck of the woods. I’m happy to do an equity update on your home or show you homes wherever you’d like to land!
May 2012 Market Action - May Residential Highlights
This month we’re introducing an enhanced Residential Highlights Chart located below. You can now compare measurements for the current month to the previous month as well as to the same month last year.
Comparing May 2012 with May 2011 shows improvement across all real estate activity except new listings which were down slightly.
There were 2,522 accepted of offers, 16.4% more than the 2,167 reported in May 2011 and
6.6% more than the 2,365 in the previous month. This represents the highest number of pending sales in the month of May since 2007, when there were 3,054.
The 2,098 closed sales represent a 20.4% increase over the same month last year, when 1,742 were recorded, and 15.1% more than the 1,822 sales in April.
The unsold inventory in months is now the lowest it has been since March 2007. It would take only 4.2 months to sell the 8,742 active listings at the May rate of sales.
Home sale price measures were all positive in May. The median sales price rose 6.6% when comparing May 2012 with the same month in 2011 and 0.9% when comparing the first five months of 2012 to that period in 2011. This is the second consecutive month in 2012 that the median home price has risen.
The average sales price has also risen 7.2% when comparing the current month to the same month in 2011 and 1.1% over the comparable period so far this year.