Whoa! May stats are in and so far this year the market is kicking butt over last year.
Sales in May were up over 57% from 2010, going from 21 to 33. New listings jumped up 42.6%, with 77 new properties coming on the market from last year’s 54. The median sales price last month crept up from $212,000 last year to $220,300, which is almost a 4% increase. The average percentage of the original list price received at the time of the sale was 94.4% and the average days on the market for a home to sell fell from 93 days last year to 81 days this May. Also, the general supply is at 170 homes on the market in the city, compared to 221 last year, so down about 23%.
It is good to see our supply under the 200 mark. It is a fairly balanced market this way, with sellers getting close to their asking price and still buyers have a healthy selection of inventory to choose from so the prices aren’t skyrocketing. Overall, like normal, the Swift Current market is maintaining its strength.
Year-to-date numbers are encouraging as well for the market. Any one month can be misconstrued unto itself, but when you look at the year as a whole, we are also seeing signs of balance and good health. In the first 5 months of 2011, new listings are up 4.7% from 257 to 269. Firm sales are up 31.8% at 112 compared to 85 last year. The median sales price is exactly the same at $200,000, sale prices are within 92.9% of asking prices and the average days on the market has fallen 11% from 99 in 2010 to 88 days this year.
Now keep in mind that our first half of the year last year was a little slower than normal. Compare the 112 sales in 2011 to the 85 in 2010 and it is nice to see that jump (is it a LEAP year? Get it, leap year, jump in sales? Oh forget it, it works for me). However in2009, sales to date were 106, and there were 125 so far in 2008. You don’t even WANT to know about the 136 in 2007.
So while we are up from last year, don’t think we are at 2007 levels again. We are healthy and balanced.