Mother's Day didn't seem to have too much of an impact of the number of new listings that came on the market this past week - as holiday weekends often do. With 15 new listings, we have now seen 8 consecutive weeks of double-digit new listings. Despite this, inventory actually dropped this week due to a high number sales that went pending.
The average days on market for sales that closed grew for the second week in a row, but I wouldn't make too much of that. Expecting DOM to stay around the 10-15 range may be a bit unrealistic. When inventory was around 40-50, competition for each listing was so high that offers came in almost immediately and sellers grew accustomed to an extremely abbreviated listing period. However, if inventory stays up around 60 we may have to temper our expectations of how quick a home can be sold. Still, even at an average DOM near 20, we are well below the national average. Realtor.com lists the median age of inventory nationwide as 67 days...
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