New listings are showing signs of increasing, but inventory is still down substantially from where it usually is at this time of year. Sales are on track to be the best month in five years.
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The absorption rate for homes priced under $500,000 is 1.7 which is considered a seller’s market. This is a great time to sell if you have a home in that price range.
An absorption rate of 1.7 translates into a 51-day supply of homes on the market. Last year in May, it was 96.
Bidding wars update: Over the past two days, 14% of the sales have been for list price or higher.
Flip: A home in Queensland which was purchased for $270,000 four months ago, sold yesterday for list price at $359,900.
Bidding wars update: Yesterday, 20% of the sales were for list price or higher:
Flip: A home in Rutland Park which was purchased in November for $415,000, sold yesterday for $875,000.