May Market Update
In this edition of Tuesday Morning Coffee John goes over May's Market statistics compared to May of Last year.
JOHN: Hey, guys. John Jones here with another edition of Tuesday Morning Coffee. We have May numbers today, and not a big surprise. We thought that the closed sales would be down over May of last year. Remember, we compare everything to prior year, same month. And because of the tax credit running out last year in April to be under contract but closing before the first of July, we knew that our May this month in closed sales would be less than last month. How much less? We didn’t know.
It was down 26% over last year, same month. But a cool statistic is our under contracts are up 14.3% over last May, which is kind of interesting because now we’re getting more on a level playing field. For sales, our inventory is down 7.6% over last year. Our median price for the month of May was down about 8% in Rutherford County to 133,000. It was 145,000 last May. But if you take out Smyrna and LaVergne no offense to those fine communities, but if you take those out, our median price is 145,000 in Rutherford County.
So kind of some interesting things going on. If we look at our comparisons this month to last month of this same year, May to April, our closed sales were up 10%. Under contracts were up 26% over last month. And our inventory was up slightly, 3% over last month. So it’s going to be interesting to see what kind of year we have from here on out. The skewing of the prior months because of the tax credit being in play last year will be gone for the most part, and it’ll be interesting to see what we do going forward.
So anyway, rates are still extremely low and the sun’s shining. Our phones have been very active. A lot of showings the past couple of weeks, which is encouraging. It’s still the best time ever to be a buyer. So if we can help you in any way, 867-3020. Thank you.