The just released May 2015 RMLS Market Action shows a 1.7 month inventory, which is the lowest we’ve seen in 10 years. In addition, average prices have increased and the market time has dropped to a staggering 55 days. This amount includes the time in escrow, which means homes spent an average of a couple of weeks on the market. Check out our latest infographic below:
New listings are up compared to last month, but still lower than a year ago. This plus a solid increase in closed sales has contributed to the decreased inventory. A shortage of listings is driving a seller’s market where multiple offers in some areas is the new norm. Interest rates are starting to creep up which may cool the market (but if Greece’s economy crashes and burns it may help our rates).