May Monthly Market Report
In April, we reported 21 sales totaling $62 million. The report for May shows an increase to 31 transactions,10 more than the previous month, yet volume is just shy of the same amount. Notably, 70% of the sales were for properties priced under $2.0 million.
This season, the most significant change is the increase in inventory. From May 2024 to May of this year, inventory levels have risen by 20%. Almost half of the available properties are priced under $2 million, while 40% fall between $2 million and $5 million, and 12% are above $5 million.
On a positive note, after a slow few months, there has been an uptick in buyer activity since Memorial Day. The key question now is whether this increased interest will lead to offers and sales.
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