Market News--May 2013

May 2013 Market Reports Were halfway through the year and it seems our collective attention has shifted from monitoring price and sales gains to eagerly anticipating more new listing activity on the part of sellers. This shift is the result of an imbalance between strong demand for homes and constrained supply. In some markets, purchase agreements are being written up directly after a showing. Your experience and local market conditions may differ, but the market as a whole has summertime heat. New Listings were up 16.9 percent for detached homes and 50.3 percent for attached properties. Pending Sales increased 12.0 percent for single-family homes and 23.3 percent for townhouse-condo properties. The Median Sales Price was up 4.0 percent to $205,000 for detached homes but decreased 11.5 percent to $175,000 for attached properties. Months Supply of Inventory decreased 15.9 percent for single-family units and 15.3 percent for townhouse-condo units. Interest rate risk is back in the headlines after Fed chief Ben Bernankes latest testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing its $85 billion a month bond asset purchases, which have been holding interest rates at or near historic lows. This is mostly the result of an improving jobs market, which is a good thing for real estate. Courtesy of Vermont Realtors