Was This The Peak….
Only time will tell. However, May was only one of 3 months in the last 10 years where we closed over 50 sales. Most if not all of these sales likely occurred before interest rates took the big jump we have seen in the last 30 days. Thus homes that sold in April and closed in May may have sold at the peak.
Does this mean we are in a buyer’s market. No, not yet. Showings are down and buyers are competing with fewer other offers than they did in March and April but with only 24 homes in inventory, we only have about a 2 week supply. A balanced market is considered to be a 4-6 month supply of inventory. We have a ways to go for a buyer’s market.
80% of the homes that closed in May sold at or above the asking price. We may see that number drop in the coming months. So, yes, conditions are improving for buyers. If these changes have made you have questions about the real estate market, please don’t hesitate to be in touch.