May 2022
The market is starting to see some slight adjustments as we head into summer. May 2022 saw a 7% increase in residential properties sold, with 47 selling last month compared to the 5-year-average for the month of 44. New Pending Sales were also up slightly, with 62 in May 2022 compared to the 5-year-average of 59. New Listings were down slightly from the 5-year-average, with 91 reported in May 2022. Total Active Listings remain lower than the 5-year-average, however, active listings are 11% higher than they were in May 2021. This is a sign that the market is beginning to gradually slow down. New Pending Sales and Total Pending Sales for May 2022 were down from May 2021, which may also account for the slightly higher Active Listings number. Average Days on Market continue to remain low, with homes in May selling in 42 days compared to the 5-year-average for May of 85 days.
Year to Date 2022 – January-May
Year to date, the market has remained steady, but continues to remain behind the break-neck pace set in 2020 and 2021. Average Sold Prices are 6% higher than last year, but there have been 21% less homes sold so far in 2022. About 45% of homes are selling in 10 days or less, with 65% selling in 30 days or less. This shows that new listings are still highly desirable and needed for our inventory.
Buyers
Buyer competition is lessening, but it’s not gone. New Listings have been slowly increasing, and many new homes will hit the market throughout the summer. Getting started with your agent now, even if you’re 6-9 months out from purchasing, will put you in the best position to make an offer when the time comes. Our agents also meet every week to discuss topics, trends, and listings – that means your agent is regularly meeting with the area’s top producers. If you’re looking for something specific, they might just find the perfect fit before it hits the MLS! As the market begins to settle, your offers need to remain strong. Your agent should be able to expertly advise you on making a competitive offer that will help you secure the home of your dreams. The highest price doesn’t always win! Strong offers, especially in our area, are multi-faceted. Using an experienced and local agent sets you up for success from the very beginning.
Sellers
Don’t miss the best Seller’s Market in nearly 20 years! The market is beginning to slow down and return to a more ‘normal’ pace, but prices remain high, and buyers are still actively searching in all sectors of the market. Today’s buyers begin their search online first, then with a REALTOR second. Having the best possible digital presentation will help your home stand out! Railey Realty agents utilize professional indoor, outdoor, and drone aerial photography. Aside from giving your home its best first impression, your agent can help you best pick the price for your home according to market statistics and area trends. Our market is very unique! Pricing your home to get the most attention right from the start is important.
Ready to get started? Our agents are ready to help! Call our office or fill out an online contact form to get connected with an agent today!
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