The May stats are in from Metrolist and pricing continues to remain strong. The number of listings jumed by 18% in May which helped to stabilize prices somewhat. Whereas, March to April saw a 5% increase in average sale price, April to May’s average remained consistent. Despite the increased inventory, homebuyers are still finding themselves in competetive bidding situations with good homes getting multiple offers in the first couple days. The average days on market stat reflects this with the average dropping 20% month-to-month.
Not reflected in these stats are the non-MLS transactions, which have picked up significantly in the past month. In Cherry Point alone, 3 of the last 5 transactions have not been listed in MLS.
As the supply remains tight, buyers should look to work with brokers who will hunt down opportunities not yet listed – otherwise they will be battling it out with the masses!