Active Residences (Current Inventory)
Last month I wrote, “We now have begun to turn down from those highs and the normal trend into the end of the year is for lower numbers of active listings. I would not expect the number to fall to the lows of last year, though.” Inventory has indeed continued to decline sitting at 358 on Dec 7, 2023. We should, if things remain normal, continue to decline into the New Year which would mean fewer choices for buyers.
The 3-month median price for November remained level with the October price at $430,000. This is a good sign of a support level if it will hold. The 12-month median price decreased from $435,000 to $431,250 as it averages in the most recent lower prices. To put things into perspective, The 12-month median average peaked at $450,000 in October and November of 2022. Since then it has decreased $18,750 which equates to approximately a 4.2% decrease in the last year.
Median Days on Market For homes sold over the past 30 days
Median DOM (days on market - the time period where 50% of the homes leave the market for homes that sold over the past 30 days.) The Day on Market jumped this month to a high of 36 with the 30-day range being 17 to 36. This is right in line with this time of the year and I would expect it to continue to rise for a few more weeks..
Number of Homes Pending in the Past 30 Days
Number of pendings last 30 days close-up. After a burst of energy in home buying for the month of October, we have now begun to turn down again in the number of pending sales over a 30-day period. We reached 71 on December 7th and my hope is that we don’t fall below the annual cycle low of January 8, 2023 of 44 pendings. This is a normal cycle but these lower lows in January over the past four years have led directly to decreasing sales numbers for the past two and half years. .
Homes Sold for 12 Consecutive Months
Homes sold for 12 Consecutive Months. November saw a decrease in sales to 958 from 966 in October for a 12-month period. Our rate of decline is slowing down which is a good sign that we may see a leveling off soon and maybe a change in trend to the upside. Not a prediction but a hope of change. We’ve recently seen interest rate decrease from their highs earlier this year. This may allow more buyers back into the market.
List Price Compared to Sold Price
Last month I wrote, “If the headwind that has come against the 3-month median sales price continues, we may see the list price decrease also. Sellers will not be able to hold out indefinitely.” October saw not only a continued decrease in median sales prices but a $10,000 decrease in the median list price from $449,000 to $439,000. It appears that sellers are needing to adjust their expectations in order to encourage buyers to make an offer. If interest rates continue on the streak they are on, we will most likely see more of this trend in the coming months.