Realty One Group - Shannon Smith Group

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November Update

Hey my friends,

What can cool a hot housing market??

The housing market may be starting to benefit from the one thing that can loosen a long-running squeeze that has driven up prices and frustrated hungry buyers: MORE HOMES.

There are 500 more available homes for sale than one month ago and 2,800 more available homes than in the month of May.

Why is inventory increasing?

The elections? Maybe

But,partly because of an increase in new home construction (Demand is off the chain for new homes) as well as the willingness of more existing homeowners to put their houses on the market. Sellers want to benefit from big price gains on the assumption that housing prices may be peaking.

Now that we have a break from the political ads and mailers we can focus on our housing market once again. There are still open windows and tons of opportunity whether you’re looking to buy or sell.

As of today there are:

Single Family Homes 

6,875 Single family homes for sale

6,700 of those homes are “Regular Sellers”

99 are Short Sales,

76 are Bank Owned

2,953 Homes that have contingent or pending offers

10,761 Sold in the past 120 days.

The median home sale price for last month was $298,000 or $165 per square foot.

Condos & Townhomes

1,631 Condos & Town homes for sale 

1,596 of those properties are “Regular Sellers  

17 are Short Sales,

18
 are Bank Owned   

722 Condos & Town homes have contingent or pending offers

2,673 Sold in the past 120 days. 

The median Condo and Town home sale price last month was $174,945 or $150 per square foot.

If you’d like an update on how much your home is worth, I’d be happy to send you a list of comparables along with a complete market analysis.

Have a great month, and please continue to refer your family and friends to me!!