DMAR released their May report last week to much “fanfare” because home inventory levels increased by 76% from May 2021 as there were 3,652 properties for sale as of May 31st in our 11-county area. Still there is only 0.67 months of inventory for sale.
However, before Covid there were 8,891 properties for sale in May 2019 and 6,437 properties for sale in May 2018 using DMAR stats. Thus, the number of properties for sale is still down a whopping 59% from 3 years ago and down 43% from 2018. In other words we still need inventory to double before appreciation drops below 10% I believe.
Before Covid, numbers like this would have us shaking our heads in disbelief in how HOT our RE market is. But, the last 2 years have warped our mindset and our stats and numbers.
Finally, First Alliance Title released their Showing Trends Charts yesterday. In May homes received on average 9 showings before going under contract. This is down 49% from last year’s number of 17.7 showings per home. Is the sky falling? No. From 2011-2019 in May homes on average have received 7.2 showings before going under contract. Thus, our market is stronger than it was from 2011-2019, before Covid.