Get Ahead in the Real Estate Market: Insider Insights for May

Check out the latest news and insights into the current market trends.

The housing market has been an area of significant interest and speculation, especially given the fluctuations and uncertainties in recent times. Let’s delve into the key statistics and trends that define the state of our local housing market.

The first notable trend is the decrease in the number of active listings. In April, we witnessed a 25.7% decline in active listings compared to the same period last year. Moreover, there was a substantial 35% decrease in active listings when compared to the previous month. This decrease in inventory implies that buyers who chose to wait may have faced a more limited selection of available properties.

The median listing price for April stood at $405,000. It is important to note that this figure represents the midpoint of all the listed prices during that month. When comparing it to last year’s data, we observe a slight increase in the median listing price. This indicates that prices have remained relatively stable over time.

“Buyers who chose to wait may have faced a more limited selection.”

In terms of market efficiency, the average number of days a unit spent on the market before being sold significantly decreased. In April, the average number of days on the market decreased from 51 days last year to just 36 days. This shorter time frame suggests that properties are selling more quickly, reflecting a higher demand from prospective buyers.

Moving on to sales prices, the median sales price in April was $649,000. This figure represents the midpoint of all the actual sale prices during the month. It is important to note that the median sales price is distinct from the median listing price. Comparing this value to last year’s data, we can see a notable increase in the median sales price. This upward trend indicates that the market has experienced some appreciation, potentially resulting in a positive return on investment for homeowners.

Another significant aspect to consider is the number of units sold. In the year-over-year comparison, we observe a remarkable increase of 672 units sold. This surge in sales suggests that more buyers have been finding properties that meet their needs and preferences. However, when analyzing the month-over-month figures, we notice a decline to 300 units sold. While this decrease may seem significant, it is essential to recognize that monthly figures tend to exhibit greater variability compared to year-over-year data.

If you are interested in learning more about the local housing market or require any assistance with your real estate needs, feel free to reach out to us at Dave@DaveFriedmanteam.com or (843) 972-3833. We are here to provide you with the information and support you need to make informed decisions in today’s dynamic real estate market.