On the 15th of each month, the ThinkLiveBe team gets the stats for the previous month. We analyze that data to see how it compares to the previous year and share what’s going on in the market and what to expect. For an update, read more below or watch the video:

May ended with just over 2,900 sales, which was slightly down from May of last year. Given that we’re typically going into our hottest selling season during that time, we expected to see more sales.

Homes sales are up just barely from April, and the same goes for pending sales. The market has cooled slightly, and we understand why – rising prices and rates.

A big change we’re seeing is the number of listings available – over 10,000 homes for sale at the end of May! This is two times as many homes that were available around this time last year. The positive here is that if you’ve been looking to buy, you have A LOT of options to choose from.

Now because there’s more inventory and the number of sales are down overall from last year, the month’s supply has moved to 3.5, meaning we’re at a way more balanced market than we’ve been for a long time. What a balanced market means is that we’re seeing buyers and sellers negotiate.

Sellers, if you were hoping to get in while things were hot, know that buyers have more choices now (10,000+ of them!). This being said, it’s still a good time to sell because the average prices continue to be the highest they’ve ever been.

The median sales price is up 1.85% since last year but down slightly from what we saw in April. The reason this is important is because the normal appreciation rate is 3-5%; our current rate shows that we may be reaching the top of the market – buyers may be thinking that the prices and rates are simply too high to make a move right now. This could just be a blip, so we’ll circle back to see what the numbers show next month. One thing’s for certain – we’re seeing more of a balance now. The average days on market for a seller right now is at about 54, whereas a couple of years ago it was 20. Things may take a little longer but you’re still going to be able to sell for a great price.

In summary, if you’re thinking of selling it’s still a great time to do so! Give us a call at 407-982-7240 and we’ll walk you through the best scenario for you!