REBGV May 2019 Projections

May is typically the month where sales number peak.  However, the month-to-month rise in this year's May is drastically higher than other previous months of May.  Given that no particular political policy kicked into effect these past few months to have caused a significant change in the trajectory of sales, it is a fairly remarkable finding to say the least.  The sales remain low compared to the 10-year-average but the increase in sales does suggest perhaps that the gap between the buyers and the sellers are finally starting to close after a year of significantly low sales and falling prices.  Next few months should distinguish whether this is a one-off event or if the sales return to historical norms.

New Listings are staying along the line of the 10-year average for the month of May.  Given that the New Listings reach the peak for the year during the month of May, this is the last chance to hope for a significant influx of new listings on the market.  Given the current buyer-friendly market sentiment, the New Listings projections for this month is definitely underwhelming so far.  This should be a major disappointment for the buyers who are waiting in-line for a large increase in inventory this year.  

Due to disappointing New Listings number for the month, the Inventory rise is expected to be modest this month.  Any hope for a 2008 or a 2012 type of inventory rise (18k to 20k) has been virtually dashed this month.  However, the Total Inventory remains much higher this year compared to the last.  And the expectation still is that the Inventory could peak in September.