Real Estate Report presented by Tami McCraw

The median sales price for single-family, re-sale homes was the same in May as it was in April. The average sales price was up 0.3%. Year-over-year, the median sales price rose 0.8%, while the average sales price fell 0.1%.

Home sales, meanwhile, were up 2.7% from April. Year-over-year, home sales were down 5.4%.

Days on Market, or how long it took from when a home was listed for sale to when it went into escrow, was thirty-four last month. The average since January 2001 is fifty-seven days.

The sales price to list price ratio was 98.6%. The National Association of REALTORS® considers a ratio of 95% to indicate a balanced market.

Although inventory continues to be abysmal, it has increased, year-over-year, for the past twelve months in a row. It is just over one-half the average since 2001. As of the 10th of June, there were 4,375 homes for sale. We average 8,515!

This is reflected in our Days of Inventory statistic which is sixty-four for homes. The average is one-hundred and forty-four.

The median sales price for re-sale condominiums was up 3.6% year-over-year. The average price gained 3.8%.

The sales price to list price ratio for condos was 99.1% last month.

Condo sales were down 5.8%. Condo sales have been lower than the year before twenty-two of the past twenty-three months.

Condos are selling in thirty-one days, the average is fifty-five days.

Condo inventory is at 1,830 units for sale. The average is 3,460.

There are fifty-four Days of Inventory for condos. The average is one-hundred and thirty-two.

If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings. That will tell you what is for sale and what has sold.