MAY 2025 – SALES HOLDING STEADY
Last month we saw significant gains in inventory levels, while sales continued a trend similar to last April’s. Below, we’ve broken down how pricing, sales, and inventory were affected across different housing sectors over the past month.
In April 2025, residential property sales sat nearly on par when compared with the previous year, while our total listing inventory increased by nearly 12% to 3,276 listings in total. Currently, the overall average price (all residential property categories combined) is sitting 3% higher than the average during the same time last year, landing at $831,720.
The table below shows the breakdown on where the 415 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 54 days to sell a home, depending on the property type.
SINGLE FAMILY HOME MARKET UPDATE
In the Single Family Home bracket we saw a sales increase of nearly 10% coupled with another 4% increase in inventory over April of last year.
The average price for the month again came in above the Million Dollar mark, and is currently sitting just 1% above last April’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen a 5% decrease in sales compared to April of last year. Despite a 14% increase in inventory, townhomes continue to make up only 13% of all available listings. The average sale price finished at $691,894 – a decrease of 3% below the average during the same month last year.
CONDO MARKET UPDATE
The condo market too has seen a decrease in sales in comparison to this time last year. We also have continued to see significant increases in inventory in the condo sector this year over last. Sales decreased by 10% while the inventory increased by 25%!
SUPPLY & DEMAND
The months of inventory levels are our best way to determine the strength or weakness of the market…and to recap our benchmarks:
Less than 4 Months of Inventory is a Seller’s Market
4 to 6 Months of Inventory is a Balanced Market
More than 6 Months of Inventory is a Buyer’s Market
We’ve been tracking the Months of Inventory – the graph below outlines how the fourth month of 2025 went compared to the same time periods in the previous 3 years. In April of 2024 there were 7 months of inventory, whereas this year we are sitting at 7.9. This means we are continuing to work in a strong buyers market at this time.
What does all this mean? Is now the time to make a move? I would love to discuss what may be right for you – Please feel free to reach out any time!
