The average sales price to original list price ratio remained relatively unchanged from April to May. April’s ratio was 102.11%, May’s was 102.17%.
It’s important to note that the properties that sold in April and May likely went under contract in March and April, respectively. When we look at the number of new listings for both of those months, they were both lower than previous years.
March 2022 had 38 new listings vs. 48 in March of 2021. April 2022 had 43 new listings vs. 47 in April of 2021. May however saw a 44% increase in new listings over May of 2021 (49 listings vs. 34).
Due to the increased inventory, next month will likely be the month we see the sale price to list price ratio dip a little. Sellers – it is more important than ever to price your property properly and take into account not just recent comps, but comparable competition as well.
We had a 5% drop in the number of cash buyers in May.
So far, 8 days into June, we have had 12 new listings. If we remain on this pace, that would mean we have 45 new listings this month, a slight increase over previous years – 40 in June 2021 and 39 in 2020.
As always, if you would like data specific to your property or are ready to buy or sell, give me a call. To make an appointment to talk about your goals and see if we are a good fit, give me a call at (737) 200-2354. You can also click here to sign up for property specific market updates.