Through May it appears to be churning.
Sales are up a little at 6% year to date.
Median sales price has tempered. For the first five months the median sales price is back down to $2,155,000, which is below last year and more in line with 2024. Prices aren't coming down, but activity in the high-end luxury market is softer.
Inventory is currently running 16% below last year's level, and well below the pre-pandemic years.
The absence of inventory is proving problematic for buyers and a boon for sellers. There aren't a lot of choices, and prices aren't coming down.
Interest rates were trending down at the beginning of the year, dropping to a low of 5.99% at the end of February. Then the Iran conflict began, and rates quickly moved up reaching as high as 6.75% in May. Rates are currently settled just above 6.5%.
Today's 30 yr. fixed mortgage rate
— Mortgage News Daily
Pending sales directly impact next month's Solds. Although May's closed sales were up, May's pended sales were below last year's level and down from April.
This year, pended sales are up one month and down the next ...reinforcing a churning market.
Sales pended May: 120
Sales pended April: 127
Sales pended March: 101
Sales pended February: 116
All cash sales remain strong at 41% for the year.
Days on market remains very short for well priced properties. January through May sold properties experienced a median 17 days on market for homes and 21 days for condos. Properties priced well continue to sell quickly often times with multiple offers.
The current unsold inventory has been on the market a median 61 days, and the days on market nearly doubles for properties priced above $8M.
Price matters. Value matters. Buyers are selective and act decisively when they perceive value in the price. Overpriced properties sit.
Across the various zip codes 31% of properties on the market for more than a month have experienced at least one price decrease.
