More Normal..
In May of 2022, I asked if this was the peak? May of 2022 was one of only 3 months in the past 10 years where we closed over 50 sales in a single month. May of 2023 saw a 40% decrease in that number with 33 sales. Compared to May of 2022, that is a significant decrease but compared to prior Mays, it was about the same as what we saw in a typical May. So, as I said last month, we appear to be getting back to the old normal.
If you look by price range, we remain upside down in the supply of homes under $1 million. No surprise. The other ranges are selling swiftly except in the $2-3 million range, there are 8 active listings and only one sold in May. That gives us a Buyer’s Market in that segment of the market at the moment. Time will tell if this is a statistical anomaly due to the small sample size.
As always, if we can help you or someone you know navigate this market, please don’t hesitate to reach out.
Your call to The Bridge Team at 303-331-4562 will be warmly received.
