What happened in May?
Sale transactions increased in May, recording 41 transactions, the highest monthly level so far in 2019. Dollar volume increased from April but was in line with previous months this year, suggesting that while more sales occurred in May, they were at lower price points. In fact, two thirds of May sales were under $1 million, with nearly 20 sales in the $500,000-$1,000,000 price point (commonly referred to as the “local’s market”). While a few high sales pulled the average sales price up towards $1.5 million, the median sales price remained under $1 million for the second month in a row. The majority of May sales were for condos/townhomes, including several in the newly remodeled Virginian Village complex in town. The average days on market increased in May, in part thanks to 4 vacant lots that finally sold after 1-2 years on the market. The sale price to list price ratio held strong at 96% as many properties sold close to their listing prices. There were 9 sales that occurred at or above full listing price, illustrating high demand and tough competition for desirable properties that are priced in line with the market.