Sales in May were down 15% to 210 single-family sales. May 2022 was the last time we saw a year-over-year sales increase. Surprisingly, new construction sales were up 52%, while existing sales were down over 24%. Year-to-date, sales are down 21% compared to 2022 and 24% compared to 2019, the last normal year prior to the pandemic.
The average sold price was up $355,288, up 6%, while the median was only up 1.3% to $305,000.
Days on market continue to increase back to normal, with 31 average days on market for May. That’s an increase of 138% from last year. Days on market the previous ten years have averaged 45 days, so the increase appears high. However, we are still far below typical days on market for May.
Pending listings (homes under contract) continue to decline year over year, down to 191 pending sales, a drop of 23%.
Available home inventory on the market was up 142% from last May to 1.48 months, but we are still down 32% from the average of the previous ten years, which has been 2.18 months of home inventory. The inventory levels continue to struggle from a lack of new listings coming on the market. New listings last month were down 22% from this time last year.
Showings were down 12.5% in May compared to last year, with 90% occurring in properties priced under $500k.
Building permits in the City of Columbia and Boone County were down 17% in May. Ashland did not issue any single-family permits in May. That’s the second time since Ashland started issuing their own building permits since January of 2020. Year-to-date, building permits are down county-wide by 17%, which keeps growing as 2023 progresses.
For the first three weeks of June, sales are down 17%, average price is up 5%, and pending listings are down 29%. However, a lot can change in the last week of the month.
According to the Mortgage News Daily Rate Index, mortgage rates for a 30-year fixed rate mortgage (30 Yr FRM) were below 6.5% during the first week of May. As the U.S. moved closer to a possible debt default, rates peaked at 7.14% at the end of the month. Since the debt ceiling was increased, mortgage rates for a 30 Yr FRM did come down about half a point, but rates have remained higher compared to most of this year since the debt ceiling crisis was avoided, ranging from 6.85 to 6.92% as of this past Friday.
SOURCE – COLUMBIA BOARD OF REALTORS CEO, BRIAN TOOHEY, MBA, RCE, EPRO
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