The May sales numbers look strong, but it seems that the market is softening. Over the past few weeks I’ve seen an imbalance in the number of new listings (a lot) and the number of contracts accepted (not so many). This is the opposite of what we have been experiencing most of the year. The result is that more homes are staying on the market longer, fewer are getting multiple offers and therefore the pressure on prices is lessening. The number of showings per listing is also decreasing. During May 70% of the sales closed for above the list price and the average price of those homes was 9.62%. 17% (76) of homes sold in May sold for more than 15% over the list price.
See the full picture in the slides below.
Signs of a softening market?
A strong supply of new listings.
And at the same time, there are fewer properties going under contract.
And more price reductions.
The number of properties that are not already on the market is increasing.
