At the risk of sounding like Ebeneezer Scrooge, the stats for November are BAH HUMBUG! Every product in every category is down, EXCEPT condos…..can you believe it??
All residential average price is down 2.8% year over year and down 1.1% month over month. There is a strong buyer’s market with 7.2 months of inventory. Single family is down 1.4% Y/Y and 1.6% M/M with 5.8 months of inventory being a balanced position. Condos average price is UP, 4.5% Y/Y and 1.4% M/M however they are in a strong buyers market still at 7.5 months of inventory. Duplex and Rowhouses had a weak month as well, with a drop in average price of 8.9% Y/Y and 4.9% M/M and are sitting in a buyers market at 6.9 months of inventory.
Properties are still moving and it is the best time of the year to buy, as sellers are motivated and there is still sufficient inventory to choose from.
At this time of year, my thoughts go to those who have throughout the years supported my business by trusting me with their residential real estate transactions. Also the many who trust me with their friends and family through referrals. I appreciate ALL of you.
May you have a blessed Christmas and a successful, prosperous next year. Happy New Decade!
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