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Monthly Market Update: May, 2016

May Stats Graph

May Stats Graph

Outstanding Statistics:

Although the number of new Single Family Home listings was the same for May, 2016 as appeared on the market during May, 2015; overall inventory dropped by 37.9% and sales prices sky-rocketed with median sales price rising by 27% and average sales prices rising by 16.2%.

Similarly, the inventory for townhomes and condos on the market during May, 2016 dropped by 48.6% from the previous May. Despite an inventory hovering around 50% of what had been available in 2015,  townhomes and condos are selling 23.1% sooner than they did last May with a 5% higher median sales price.