May 2017 Preston Report.7/18/2017
What a May, 97 more transactions then last may for an increase of 24.6%. This brings the year to date up 135 transactions and up 8.72%. That Makes May 2017 the highest number of sales for a month since I started doing this report monthly in 2006. Pending numbers are down and active listings are up over 1800. So hard to tell what the next few months will do.
We have been holding steady or climbing all year with sales, but a lot of people in the market say it is slow. We still have the same number or a little more of buyers. But our sellers keep increasing which is the law of supply and demand. Which increases time to sale and absorption rate. I have quit looking at Days on market because so many realtors are cancelling and reentering as a new listing which starts DOM over. I look at how many in a price range or area and how many have closed to get a better idea of how long it would take to sale.
The upper price ranges are being hit the most. The average price of a closed house this year is $270,460 and the median is $230,000. The average asking price on an active listing right now is $426,854 and the median is $318,500. which shows how many more big ones are out there.
New homes sales for May was a little better than last year but behind the four previous years, 25% from the best May. Over 90% of the increase this may was existing homes.