After months of appreciation, negotiations and bidding wars, modest numbers in June ruled the market.
The housing market ended May with 3,652 properties on the market, representing an increase of 448 properties from the previous month-end, which is seasonally on trend. Closed sales increased 3.75 percent from the previous month, moving supply and demand closer toward balance.
Attached and detached properties had a similar balance of supply and demand in May.
Both markets had the highest amount of standing inventory in the $500,000 to $749,999 price points. The biggest difference was the proportion of inventory. For attached properties, this price range made up 29.87 percent of the market. For detached properties, it made up 41.72 percent of the market. There are over four times more single-family detached properties between $500,000 and $749,999 than attached properties.
Year-to-date, the market has seen 7.18 percent fewer homes closed than the previous year.
Even with fewer units purchased, the market has transacted over $1 billion more in sales volume than YTD in 2021, indicating how prices have soared from last year. he close-price-to-list-price ratio of 105.33 percent, while down from the previous month, illustrates how competitive the overall market remains.
Luxury buyers saw their options increase in May.
Luxury inventory went up 5.86 percent from April and a significant 65.95 percent higher than the same month last year. Pending luxury sales were also up, along with closed sales and sales volume. More choices turned into more pending sales, up 22.20 percent month-over-month and up 27.37 percent year-to-date.
Detached homes sold for an average of 107.12 percent of list price, down slightly from April’s 108.39 percent.
Meanwhile, the condo and townhome Luxury Market is currently selling at 104.94 percent of list price. Still a competitive market, but less so than for single family residences.
* Updated as of June 7, 2022.