Market Report: May 2018
The home sale statistics for May are in and overall, they still indicate a sellers market. While houses are still selling quickly, we saw a pretty significant drop in the number of houses sold. This is mainly stemming from the reduced number of contracts we saw in April and March.
We will likely see an increase of sales in the coming months as we saw a significant increase in properties going under contract in May. This spike in contracts has brought the annual pace of contracts from 6% below last year to 1% below last year. This should bring the number of homes sold closer to what we saw last year in the next coming months.
Overall, this is still a good time to list a house if you are thinking of selling. If you are thinking of buying, I'd recommend preparing in the ways outlined by this blog. One of the biggest advantages you can give yourself is to save for closing costs and add to your down payment.
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