October single-family sold prices rose slightly from September and are up a healthy 6.3% year-on-year. Condo/townhome prices are down 1.2%.
The number of sold transactions for the year is down 5.9% for single-family homes while the number of new home listings is virtually unchanged at -0.3%. There have been 18% fewer condo/townhome sales year-to-date and 8.3% fewer new listings.
Homes and condo/townhomes are both staying on the market much longer than they did last year, with those periods up 42% and 40% respectively. This reflects buyers being more patient and cautious in their purchases, which is also reflected in the lower sold to list price ratios.
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||$749,000||6.3%||$475,667||-1.2%|
|Average Days on Market||81||42%||71||40%|
|Months of Inventory||2.9||2.4%||4.2||133%|
|% of List Price Received||91%||-4.9%||97%||-1.0%|
|New Listings (#)||79||-12%||16||47%|
|Homes Sold (#)||76||2.3%||9||-20%|
- Rolling 3- month average compared to same period prior year