May stats are out, and surprise surprise, the market is still strong. We sold slightly more properties than May 2006, and 2.3% fewer than May 2005.
New listings are 6.42% higher than may 2006. Total inventory is up 23.4%, reaching 11,749 units, compared to 9,524 units in May of 2006.
Days on market has dropped to 37, which is the 4th consecutive month to see a drop in DOM.
The inventory numbers and DOM number aren’t that far off what we see in my area (low 12,000s for inventory and low 30s for DOM).
The big news, apparently, is that the benchmark price for a detached home has broken the $700,000 mark. I say “apparently” because the news release highlights and Derrick Penner of the Sun called me for my take on it as well. I can’t say that I’m too surprised. We’ve seen the average sale price ratchet up steadily, so that these days we see price tags in the $500,000+ range much more often than in the $400,000 price range. We’ve also seen relatively strong sell/lists.
Apartment sales increased 1.6% YOY to 1,789 from 1,760. Benchmark price is $358,428, up 11.5% from last year.
Attahced sales decreased 4.5% YOY to 737 from 772. Benchmark price is $439,317, up 10.8% from last year.
House sales increased 2.3% YOY to 1,805 from 1,765. Benchmark price is $711,245, up 11.8% from last year.
The rate of appreciation is slowing, as we’ve seen in prior months, but the market is still strong. Sell/list for May was 70.43%.
Average house price reached $852,428. Average attached price reached $470,518. Average apartment price reached $377,160.