The market is still chugging right along!
Home values are still rising. In May, we officially crossed the $350K median sale price threshold. The average price per square foot was up $17/SQFT! That’s the largest single-month change in more than the last 10 years (both by number and by percentage).
With prices up, it’s reasonable to expect total sales volume to be up, but the 32.6% increase from last month was a surprising jump. In fact, May’s total sales volume was only 0.04% off the NWA record high for any month of residential sale. There has only been one month (June 2022) with a higher total sales volume.
Buyers continue to keep pace with supply. Active listings increased by more than 200 (22.4% increase), but the total sale by number also increase 200+ and expired listings increased marginally (1.6% increase); all leading to the number for months of inventory going down (again). Two other indicators the market is still competitive, the median days to sell went down from April, and the ratio of original list price to sale price is back at 100%.
It’s accurate to say May saw even stronger production than April. Historically speaking, June is one of the best preforming months for sales in NWA, so assuming that trend continues, we’d anticipate similar strong numbers in June. We will be watching to see if the buyer’s demand continues to impress.
Want to know anything else about the market? Ask away!