We've finished up another month in the real estate industry. In general, when you look at all the different types of properties in the market from manufactured homes to business properties to single family dwellings, the statistics indicate that the average sale this month in comparison to May 2012 has dropped less than 1%. Yet the number of sales rose from 37 sales in 2012 to 47 sales in 2013. Let's focus on the single family residential homes as well as the recreational properties to see how they faired.
The residential housing market saw an increase in May from 11 sales last year to 18 this year. The number of listings for the month also increased by 20% from last year at this time. The average sale for a single family property rose from $231,954 in May 2012 to $251,222 in May 2013. We can also see by the activity that was occuring that home were selling quicker this year shaving off 18 days from last year's average. The year to date totals are also looking favorable with the exception of the number of listings in total dropped from 132 to 116.
When we take a look at how the recreational properties are looking so far this season in comparison to 2012, the difference is substantial. Last year at this point, there was not a single recreational property sold yet. That is an easy stat to increase on. We've already seen 2 properties sell (which I sold) and the interest is definitely growing despite the fluatuation in weather patterns. There is already 12 new new listings this year which has more than doubled from last year. It will be interesting to see how the recreational market will fair this year.
You may have heard the conversation come up in regards to the average sale price and the median price. This price can often be very close in comparison but can also fluctuate dramatically. The median of a set of numbers is that number where half the numbers are lower and half the numbers are higher. In the case of real estate, that means that the median is the price where half the homes sold that month were cheaper, and half were more expensive. The average of a set of numbers is the total of those numbers divided by the number of items in that set. The median and the average might be close and they might not. It all depends on the numbers.
If you'd like more details on where the market was in May or where you might fall into the current market, do not hesitate to give me a call or email me directly at email@example.com