JUNE 2025 – MORE LISTINGS = MORE CHOICE FOR BUYERS!
When comparing last months numbers to that of May last year, we continued to see growth in listings across the different housing sectors, while sales trended in different directions depending on the property type. Below, we’ve broken down how pricing, sales, and inventory were affected across the different housing categories over the past month.
Last month residential property sales numbers came in at a similar level to May of last year, while our total listing inventory increased by 9% to 3,473 listings in total. Currently, the overall average price (all residential property categories combined) is sitting nearly 8% higher than the average during the same time last year, landing at $874,177.
The table below shows the breakdown on where the 450 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking around 59 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 19% coupled with a less than 1% increase in inventory over May of last year.
The average price for the month again came in above the Million Dollar mark, and is currently sitting about 8% above last May’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen a 7% decrease in sales compared to May of last year. Despite a 8% increase in inventory, townhomes currently make up only 12% of all available listings. The average sale price finished at $698,299 – a decrease of less than 1% 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 almost 21% 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 fifth month of 2025 went compared to the same time periods in the previous 3 years. In May of 2024 there were 7.3 months of inventory, while this year we are sitting at 7.7. This means we are continuing to work in a 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!
