More Homes to Choose From: Inventory continues to grow! We saw 133 new residential listings hit the market in May, bringing the total number of active listings to 225. This is the highest monthly inventory level so far this year, giving buyers more options than they’ve seen in quite some time.

Home Prices Hold Strong: The average closed sale price in May was $742,758—up from $709,759 in April. Sellers are still achieving strong value for their homes, even as more properties become available.

Solid Pace of Sales with Slight Slowdown: There were 56 homes sold in May, which is consistent with the steady spring market. That said, the absorption rate (a measure of how quickly homes sell) declined this month, indicating new listings are entering the market faster than homes being sold.

Listings Priced for Today’s Market: Despite growing competition, the typical home sold for 99.3% of the listing price. Serious buyers are out there, and competitively priced homes continue to attract offers close to asking price.

Average Time on Market: Homes spent an average of 46 days on the market in May, selling slightly faster than in the first few months of the year. Well-presented and properly priced homes are still finding buyers relatively quickly.

Looking Ahead: With summer around the corner and inventory up, it’s a great time for buyers to explore options and a good opportunity for sellers to prepare their listings thoughtfully to generate the most interest.