May posted strong numbers indicating that the spring selling season is well underway. Total sold dollar volume increased 15%, settling at approximately $224.5 million in May of this year, compared to $195.2 million in May of 2018. Units sold increased nearly 9%, going from 608 last May to 661 units in May of this year. Median price saw a 6% year-over-year increase, going from $299,450 in May of 2018 to $318,000 in May of 2019, holding steady from last month.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, decreased almost 2% with houses averaging 54 days on the market in May of 2019 compared to 55 days in May of 2018.
Active listings were up for the fifth month in a row, with 1,755 listings on the market representing a nearly 6% year-over-year increase. New listings posted a 1% increase with 1,141 new homes coming on the market this May compared to 1,128 last year. Future settlement activity continues to post strong numbers boding well for sales in June with over 45% new properties under contract in May of 2019 compared to May of 2018. Inventory overall continues to remain low, especially in the lower-priced market segments. “May saw heavy traffic in contracts, but the lack of new listings coming on the market will create a logjam soon,” states FAAR Board Member Kevin McGrath. The last two months posted very similar numbers with increasing prices and volume sold coupled with large increases in homes under contract. A steady stream of new listings will be needed to satisfy this demand and that will not happen with a mere 1% increase in new homes coming on the market.