May has been a busy month with 258 condo and home sales and 81 rental sales. And we still have a couple of days to go.
30 homes traded at or above one million dollars, that's three times as many as we saw in April. There were also 100 sales between $500,000 and $1,000,000. The average sale price for detached homes bumped up slightly year over year for May to $645,600 from $629,000. That equates to about 2.50%. The market has also seen a sprinkling of multiple offers.
Homes & condo's have taken about a week longer to sell averaging 42 days on the market compared to May '08's 34 days.
Financing is still very attractive with 5 year money holding steady in the 3.60% range and variable rates approaching 2.65% or, prime plus 15 basis points.
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