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Welcome to this months market update. Lets take a look at residential real estate activity
in your area during the month of May. The number of active listings was down 21% from
one year earlier and down 11% from the previous month. This smaller inventory means that buyers
who waited to buy may have had a smaller selection to choose from. As you can see, the median
listing price for the month was just under $900,000. Compared to last year, the average
number of days that units spent on the market before being sold was up 38%. This higher
number of days may signal a slow-down in the local inventory turnover rate. Meanwhile the
median sale price was just under $570,000. Overall the number of units sold increased
9% year over year and increased 40% month over month. These figures may indicate that
buyers have been taking advantage of competitive pricing and interest rates. Thanks for watching.
We hope you use this information to make smart, informed decisions in your upcoming real estate
transactions. Feel free to contact us for more information or further assistance.