Single Family Homes (SFH)
For the 5th straight month average prices continued to climb, reaching $489,482 in May. That a 2% increase from April and a year-over-year increase of just over 1%.
Median prices also made gains, ending up at $423,000. That’s a $3000 increase (+0.7%) from both the previous month and May 2010.
A total of 1313 properties changed hands in May which was an almost 8% increase from April and up 4% YoY.
The end of May saw active inventory at 4616. That’s up 5% from the end of April (4395) but down a significant 18% from May 2010 – over 1,000 less listings (5649)
This means the inventory absorption rate remains in “balanced” market territory, dropping slightly from April’s 3.6 to 3.5 months in May.
Pending sales are elevated over last year’s levels and so it looks like the SFH market hasn’t peaked yet in terms of sales. Here’s which months the market peaked in previous years:
The average price for condominiums in May was $287,384. This was down a slight –0.6% from April, but down –5.7% year-over-year when the average price was $304,662.
The median price made a month-0ver-month gain of $8,500 or +3.3% to reach $268,500. However, this was down -4% from May 2010.
503 units changed hands in May. This was down from the 535 that sold in April and from the 518 sold in May of last year. This marked the 13th consecutive month of year-over-year declines in sales.
There were a total of 2092 units on the market at the end of May, a marked decrease from the 2656 that were listed a year ago (-21%) Between April and May, inventory increased 4% (April: 2005 listings)
The inventory absorption rate sits at 4.2, meaning it has entered into a market which is starting to favor Buyers. In April it the IAR was at 3.7 and in May 2010 it was at 5.1