May Market Update
At first glance, the May stats reflect the market standstill that occurred in April. However, the most remarkable part of May was the record-breaking spike in under contract listings. Under contract listings this month were up 18.9% for single-family homes and 14% for townhome-condo properties over last May. The buyers who weren’t able to see properties in person in April were ready to buy in May. This doesn’t, however, mean that sellers were slashing prices. Home values seem to be holding and even increasing in the most competitive areas of the market.
May sellers were also busy! Listings in May were up 4.6% over last month. In the higher end of the market, buyers have a little more power. Luxury buyers have always been discerning, but as inventory increases luxury buyers have more options than they have had in years.
As far as financing goes, interest rates ticked slightly up in May, but are still at historical lows. This gives buyers at all price points better buying power. Talk to your lender about how you can leverage this to your advantage.