📊 May Market Trends: Your Guide to Local Real Estate 🏡
⬇️ NEW LISTINGS IN MAY: 356, down from 374 🏠
New listings decreased slightly in May, indicating that some homeowners may be waiting to list their properties. While inventory remains healthy, fewer new homes entered the market compared to April. This can create additional competition for well-priced homes.
⬆️ TOTAL ACTIVE HOMES: 836, up from 762 📈
Active inventory continued to grow, giving buyers more choices than they had earlier this spring. Increased inventory helps create a more balanced market and allows buyers additional time to evaluate their options.
⬆️ MONTHS SUPPLY OF INVENTORY: 3.45, up from 3.19 📊
Months of inventory increased again in May, moving the market closer to balanced conditions. While sellers still have an advantage in many price ranges, buyers are gaining more negotiating power as inventory rises.
⬇️ UNDER CONTRACT IN MAY: 85, down from 108 📝
While fewer homes went under contract in May compared to April, this is not unusual for our market. Historically, May can be affected by graduations, end-of-school activities, holiday weekends, and the start of summer travel, which can temporarily slow buyer activity.
⬇️ TOTAL HOMES UNDER CONTRACT: 340, down from 359 🏡
The number of homes under contract declined slightly from April, but this follows a seasonal pattern we've seen in previous years. Many buyers and sellers are focused on family events, vacations, and summer planning, which often causes activity to pick up again later in the season.
⬇️ MEDIAN (HOMES SOLD) DAYS ON MARKET: 63, down from 64 ⏱️
Homes sold slightly faster in May, with the median days on market decreasing by one day. Well-prepared and appropriately priced homes continue to attract buyers and move more quickly.
⬆️ SOLD IN MAY: 242, up from 239 🔑
Closed sales increased modestly in May, showing that buyers are still successfully completing transactions. Despite some softening in pending activity, demand remains present in the market.
⬆️ MEDIAN SOLD PRICE: $421,750, up from $408,000 💰
Home values saw a healthy increase in May, with the median sold price rising nearly 3.4% from April. This demonstrates continued strength in the local market and positive equity growth for homeowners.
⬆️ SALE PRICE / LIST PRICE RATIO: 98.02%, up from 97.95% 📈
Sellers received slightly more of their asking price in May compared to April. Proper pricing remains important, but buyers continue to recognize value in desirable homes.
💰 Sold Price Analysis
🏡 Homes Under $499,999: 165 sales
🏘️ Mid-Range Market ($500,000–$999,999): 67 sales
✨ Luxury Market ($1M+): 10 sales
The majority of sales continue to occur below $500,000, demonstrating strong demand in the entry-level and move-up buyer segments. Luxury sales remained steady, while the mid-range market continues to be an important part of overall market activity.
📊 May Market Summary
May brought more inventory to the market, giving buyers additional choices and moving the market toward more balanced conditions. While pending sales and homes under contract were lower than in April, this follows a seasonal trend we often see in Mesa County as graduations, Memorial Day weekend, and the start of summer travel temporarily shift people's focus away from home shopping.
The good news is that homes sold slightly faster, closed sales increased, and the median sold price rose to $421,750. Sellers continued to receive approximately 98% of their asking price, demonstrating that well-prepared and properly priced homes remain in demand.
As we move into the summer months, it will be interesting to see whether buyer activity rebounds as families settle into their summer schedules and continue their home search. If you're considering buying or selling, I'd be happy to discuss how these trends may impact your specific real estate goals.