Single-family home sales in May rose 6% over last year to 222 closed sales, while sales in the City of Columbia were even with the previous year at 139. While a 6% gain in sales adds to a rebound in sales from 2023, 222 sales is a low number for the month of June. Year-to-day, sales are up almost 10% for 2024.
Prices continue to increase more moderately, with the average sales price up 4% to $370,006 and the median sales price up 6% to $322,500. The sold median price in the City of Columbia dipped 2% to $320,000, while the average price increased 2% to $385,496. An increase in the average sold price and a decline in the median price indicate there were more lower and mid-range-priced sales compared to May of 2023. It does not indicate a drop in prices.
Home inventory was down by 8% in May to 1.39 months, which is very low for May. Homes priced below $350k had an inventory level of less than one month, with homes priced from $200k to $300k only having .35 worth of inventory on the market.
The increase in sales for the year should continue, as pending sales (homes under contract) were up 10% to 207 pending sales in May. However, 207 pending sales is a meager number for this time of year.
Single-family building permits were up 42% from last year, with gains in Columbia, the County, and especially Ashland. For the year, building permits have increased 25% from last year.
Mortgage rates in May experienced a .5% drop in the first two weeks of the month, reaching near 7% for a 30 Yr. FRM, but the end of the month did see rates move back up towards 7.5% and finishing the month around 7.3% according to the Mortgage News Daily.
The market remains in good shape heading into the summer months. A more significant increase in the number of sales would be preferable, but prices continue to increase overall.
SOURCE – COLUMBIA BOARD OF REALTORS CEO, BRIAN TOOHEY, MBA, RCE, EPRO
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