Looking Back

Our first five month results gives us a chance to look back and see what direction our local real estate market is heading. We are seeing a real drop in total sales activity from last year. Only 183 residential properties were sold in the first five months, while last year 275 sold. That’s a significant drop, due largely to less buyers in the market place, higher interest rates, and inflation woes. The median sales prices are also dropping, for the first five months last year the median price was 467,500, while this year it dropped to $450,000. What continues to keep the market active is that as inventory still remains low, there are enough buyers competing. Bidding wars are still common. However, that is also changing as inventory continues to move up as more properties are coming in to the market. As we approach summer and the strongest selling season, I see that inventory number will be increasing. So If you are thinking of selling, my advice is don’t hesitate. I see the market continuing to move in the direction of softening. However, the market does continue to remain active due to increase buyer demand. Good luck whether you’re planning on a buying or selling.