MAY REAL ESTATE SUMMARY

Monthly Dollar Volume Eclipses $400 million for First Time: May 2012 saw over 1,600 sales in total – making it the second best May ever next to may 2007. A fabulous month indeed and it demonstrates buyers are as active as ever in taking advantage of exceptionally low mortgage rates and one of the most affordable major real estate markets in the country. There have now been two consecutive months where residential-detached sales in the over $500,000 price range have significantly outnumbered the under $99,999 price range. When you compare May 2012 to May 2011 MLS® unit sales increased 10% while dollar volume went up 17%. Year-to-date sales are ahead of 2011by 5% while dollar volume has risen 12% in the first five months. Not surprisingly given the strength of the MLS® market in May, there were more homes that sold for above list price than below list price.

For residential-detached sales in May, the most active price range was from $250,000 to $299,999 with 24% of total sales activity. Dropping back in market share but still second is the $200,000 to $249,999 price range at 17%. Two-thirds of all sales are from $150,000 to $300,000. 30% of condominium sales fell in the $150,000 to $199,999 price range but the next laddered range of $200,000 to $249,999 is growing in market share with 21% of total sales.

Average days on market for residential-detached sales was 24 days, two days quicker than last month and two days off the pace set in May 2011. Days on market for condominium sales was 28 days, 9 days faster than last month and the same rate as May 2011.

I am available at anytime to discuss the Real Estate market. Get the FACTS. Whether buying, selling or if you just have questions, call me. I would be pleased to assist you, your friends or your family with your Real Estate needs.