RMLS keeps statistical records of our real estate market. May’s Market Action was just released and it doesn’t deliver the dagger to burst the bubble. What it does state is that there are more listings and fewer sales.
This year, has continued to generate growth in new listings. For example, when comparing market activity for January–May 2006 to the same time period in 2005, new listings increased 9%. On the other hand, the number of pending and closed sales decreased 10.5% and 8.4%, respectively. See Year-to-Date rows below for more information.
Market action continues:
The area’s average sale price for the months of June 2005 through May 2006 was $301,300–a 17.4% increase when compared with the $256,700 average for the twelve months immediately prior. Also,
using the same date range, the median sale price ending in May 2006 was $253,000–up 17.7% from the $215,000 median from the twelve months prior.