In May, the median price increased to $342,500 compared to $329,500 in April.
More importantly, the median is 7.4% higher than a year ago.
Currently there is 1.1 months worth of inventory. I expect that number to increase more as we approach the summer season but not drastically. A “normal” or “balanced market” is considered around 2.5— 3 months.
The homes that are priced right, show well and have a high quality marketing plan are getting sold quickly. However, the properties that are over priced are sitting with little activity until the list price is in line with the true market value. The overpriced properties are having price reductions to try and get more attention.
I’m calling it a “price sensitive sellers market.”
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clear skies,
Doug Reynolds
Realtor
916-494-8441
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