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
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