May contracts increased to 774 for the month. The result maps a typical spring trend of increasing activity each month through May. However 2023 started from a lower baseline than 2022 which started at a lower baseline than 2021. This year continued to be about 25% less active than last year.
New listings jumped to 794 in May, and provided the inventory that allowed buyers to successfully write contracts on 774 properties. Active listings ticked upwards to 463, the highest total since December.
We did see more sellers have to adjust their asking price recently. The steep rise in values emboldened many to stretch with their asking price. Buyers didn’t bite, so owners reduced their asking in an attempt to get their property sold. We also saw more deals fall apart before the closing. The timing of most of the properties coming back onto the market suggested inspection issues, but we have heard about appraisal issues too.
Summer tends to be a slower period for the local real estate market. That may be the case this year too as buyers decide to take a break after not succeeding during a very competitive spring. But this year the number of buyers far outpaces the number of sellers. So if the listings appear, then there are likely to be buyers ready to bid on them.
