October sold prices were higher than they have been in four months but are down 2.4% from a year ago. Condo/townhome prices are down a bit more, 5.7%.
The number of sold transactions for the year is down 6.4% for single-family homes and 4.2% for condo/townhomes, while the number of new home listings is down 3.3% and condo/townhomes down 9.0%.
Homes and condo/townhomes are both staying longer on the market than they did last year, with those periods up 15% and 5.9% respectively. Relatively speaking, these are still short marketing periods and reflect a continued strong seller’s market due to the ongoing low inventory and strong buyer demand for both property types.
Solid job growth numbers this month coupled with the Federal Reserve dropping its interest rate for the third time this year are both good news for buyers. Mortgage rates are at a 12 month low so expect buyers to take advantage of that even as we enter the annual slower holiday sales season.
|Summary of the Numbers – November 2019*||Single Family Residences (SFR)||% Change Year-over-Year||Condo/ Townhomes||% Change Year-over-Year|
|Median Sales Price||$1,486,667||-2.4%||$715,667||-5.7%|
|Average Days on Market||47||15%||60||5.9%|
|Months of Inventory||2.4||20%||2.1||37%|
|% of List Price Received||98%||0.0%||97%||-1.4%|
|New Listings (#)||131||-17%||32||-17%|
|Homes Sold (#)||125||-10%||34||-8.2%|
*Rolling 3-month average compared to same period prior year