Single Family home prices are down 2.25% in November from October to a median price of $435K.
The amount of sold are down 11%.
What caught my attention is that inventory is also down 10% now, compared to October. Maybe sellers are taking their homes off of the market or just deciding not to list but lower inventory is a positive sign.
Homes are on the market for an average of 33 days before accepting an offer. Most accepted offers are 3% less than asking price.
You can say I’m looking for a break in the clouds but by definition and based on the amount of homes sold and for sale we’re in a “balanced” market.
Generally, a balanced market will lie somewhere between four and six months supply and we’re at 4.8.
Who knows where we’re headed, but I’m working with buyers who are still having a difficult time finding their ideal home.
WHAT IS MY HOME WORTH?
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