Sales were off but pending sales were up

Single-Family:

Sales were off by 8% in November as compared to a year ago. However, pending sales were up by 13%. We have seen this occurrence in several other areas. Just some monthly gyrations. The average sales price increased by 10% and the median price rose by 7%. Most of the sales continue to be concentrated in the upper price ranges. New listings increased by 7% and the active listings jumped by 12%. It will take many months of inventory increases to bring the market in balance. The November months of inventory now stands at 1.5 months. It is still very much a Seller’s market.

Sales: 230

Average Sales Price: $406,715

Median Sales Price: $340,000

Pending Sales: 263

New Listings: 232

Active Listings: 498

Months of Inventory: 1.5