Another month of higher inventory less demand – which tells me the market is definitely slowing down. If you are looking for a single family home under a million – there is barely enough homes for sale to satisfy all the buyers, but homes in higher price ranges, condos are not doing as well. In comparison to May of 2013 we have almost 29% more homes for sale (447 in 2013, 575 in 2014) and almost 11% less homes under contract.
Average and median sales price is still climbing by a few percent, and actual sold properties are only down by 6%. In my opinion based on current supply/demand trend we should see a slow down. So if you are thinking about selling your home – you might want to get your expectations in order.
Here are all the monthly statistics: