This year’s 20% YTD decline in sales is directly
linked to the scarcity of new listings—down 21%
YTD and slightly more in recent months. Buyers
continue to wait for move-in-ready listings,
especially in the more affordable price ranges. In
May, we saw 24% fewer homes listed compared
to the same time last year, a decrease of 1,741
homes. Current demand consistently exceeds
available supply.

While the market lacks last year’s intensity, the
best listings continue to sell quickly. The slight
increase in February may have been a reaction to
a temporary dip in interest rates. New pendings
also ticked up at that time.

Thirty-seven percent of March closed sales were
above full asking price, 21% were at asking and
43% were under. As shown in the “Under, At and
Over” chart, the “Over” sales are increasing while
the “Under” sales are decreasing. Expect the
Over-Asking percentage and market intensity to
peak just before summer as it has done the past
two years.