As we neared the Memorial Day Holiday Weekend we saw a decrease in market activity. It’s a busy time of year with graduations, weddings, proms and the end of the school year which all contribute to the slowing of our busy spring market. In the month of May Bath experienced an increase in inventory due to the slowing of activity from buyers and more sellers eager to test the climbing market. For those buyers who didn’t feel like they had enough to see even a month ago, now might be the time to check in again to see if any new homes meet your criteria as we kick into the Summer Selling Season!
For those Buyers being pushed out of Greater Portland, or even Brunswick by rising prices, Bath offers a few more options, especially for historic home-lovers.
May ended with 69 Current Listings (up 11 from April), 38 Pending Sales (up 5 from April), and 18 Closed Sales in May (up 1 from April). Average Sales Price to List Price Ratio came in at 95% for May, which is the same as last month.
Of note in this report, is the difference in price between what is Currently Listed (Median List Price $239,000) and what Sold in May (Median Sale Price $150,500). Pending Sales came in the middle-ground with a Median List Price of $184,950, so moving in the right direction.
Comparing Bath’s data for May 2016 with May 2015, this is what we see:
- May 2016 Current Listings – 69 vs 82 in May 2015
- May 2016 Pending Sales – 38 vs. 24 in May 2015
- May 2016 Sales – 18 vs. 18 in May 2015
- May 2016 Median Sales Price – $150,500 vs. $150,000 in May 2015
If you plan to buy or sell a home in Bath, call Maine Home Realty today!