May 2018 Single Family Residential (SFR) closed sales were up 9% from April 2018 but were down 11% compared to the same period last year. The SFR median sales price improved 1.9% to $295,000 while the SFR average closing price improved to $340,690 for a 2.1% increase from last month. 2018 sales are on the same pace as they were in 2017 at this time. Year to date close units are flat while market values push higher. SFR closings are down from last year at this time while Condo/Townhomes remail flat. The high rise and luxury market closings remain strong.
Conventional financing dominated the closings and even FHA financing showed improvement this month. There is slightly less inventory than previously, and this market only enjoys 1.4 months of available SFR inventory and 1.2 months of Condo and Townhome inventory.
Over Pricing is on the Rise Again!
Residential Closings by Price Point
The two charts below clearly depict the shrinking inventory and closed sales for all residential homes below $250,000. The first chart illustrates how dominant sales were for properties below $250,000 and how those sales have steadily declines the past six years. Currently, sales between $250,000 and $750,000 account for more closings than all sales below $250,000. This is the first time since mid-2007 that this was the case. The second chart below highlights the strong momentum for sales between $250,000 and $500,000 while the third chart shows the same thing for all sales over $500,000.
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