Prices continue to soar while supply continues to fall, according to the latest data from Cape Fear realtors (CFR)
- M-O-M: The median home price increased 0.8% from April to $300,000.
- Y-O-Y: This median home prices was up 14.5% from May 2020.
Day on market continued to fall both a monthly and annualized basis…
- M-O-M: Days on market dropped by 2 days to 56 days in May 2021.
- Y-O-Y: Days on market dropped by 12 days (-17.6%) when compared to May 2020.
Not surprisingly, inventory level continue to remain depleted. Month-to-month levels were flat, but inventory levels were down 80% from May 2020 when the cape region had a 3.5 month supply.
New listings and closed sales were down from last month, but they were up from the same time year ago. New listings jumped 8% (1,388) and closed sales were up 52.3% (1,301) when compared to the same time last year.
Tom Gale, 2021 CFR President, said in a statement that all eyes are on the homebuilders. “Homebuilders are in a tough position with increasing material and labor costs, along with challenges in their supply chain. REALTORS® are working hard to keep their clients informed and prepared for potential issues.”