The volume of new listings, including single family homes and condominiums, rose 29.2% and pending sales jumped more than 44% system wide. Not surprisingly, year-over-year comparisons showed sharp declines. The number of new listings fell nearly 33%, total active listings plummeted nearly 36%, pending sales declined 13.5%, and closed sales dropped about 35%. Prices remained in positive territory, rising about 2.3% from a year ago.

The resiliency of the market is amazing. The pandemic may be causing buyers to move farther out, wanting to get some space and a usable yard. Amenities such as parks and trails are also important in current homebuying decisions. Brokers and homebuyers alike seem to be adjusting to restrictions imposed on the real estate industry because of the coronavirus pandemic. The local real estate market is hot, but it looks different than it traditionally does.  The constraint on available inventory makes it feel like sellers are running out.

Brokers added 9,871 new listings to the MLS database during May, which compares to 14,689 for the same period a year ago. At month-end the selection included 10,357 active listings; that volume was 5,766 fewer than the year ago total of 16,133.

Buyers are eagerly waiting for each home to come on the market with increased focus on homes in the more affordable and mid-price ranges. Anything under $1 million is selling quickly, and most new listings coming to market are going pending in just a few days. Multiple offers seem to be in play on homes in median price ranges. A balancing of the market isn’t seen in the short term until more sellers decide to list their homes and until new construction accelerates to meet demand.