Inventory is on the Rise
Inventory rose to a 2.7 month supply and the number of active listings grew to nearly 4,000 in May. The average sale price of $216,000 was up 6% as competition for homes continued. Days on the market held steady at 58 days. And, the number of homes sold increased by 6%.
GLAR President Allison Bartholomew said, "Our members are still working in a strong sellers' market up to the mid-$300s. Multiple offers remain the norm for move-in ready starter homes. Properties over $600k are selling at a more normal pace, which seems slower due to the fast moving market at lower price points."