A strong sellers’ market continued through May, with inventory remaining low, closed sales down from a year ago, and prices continuing to rise.
Among the statewide highlights:
- Inventory: There were 5,275 residential homes on the market at the end of April, a 32 percent decrease from April 2016. That meant a 3.6 months’ supply, a historically low number and 33 percent lower than a year ago. And 2,404 new listings came to the market in April, a 15 percent drop from 2016.
- Closed sales: With substantially less inventory, it’s no surprise that the 1,129 closed sales was 12 percent lower than April 2016.
- Median sales price: Sellers continue to have the advantage, leading to a $260,000 median sales price in April, 6 percent higher than 2016. Year to date, the $250,000 through the first four months was also 6 percent ahead of a year ago.
- Days on market: With those dynamics in place, average days on the market dropped dramatically as well, down to 79 days statewide, an 18 percent decrease.