November 2010 Market Action

16 12 2010

Wow!  Inventory numbers confirm that last year’s Fall market was better than this year’s. 

 

The Numbers

  • Inventory Nov. 2009 was 7.1 months and was 10.2 months for this report.
  • Pending sales up 7.4% over Nov. 2009 and down 12.6% from Nov. 2010.
  • Closed sales down 28.7% over November 2009 and down only 1% from November 2010.
  • Average sale price is down 0.5% from Nov. 2010 and down 1.8% from last month.
  • Median sale price is down 2.5% from last year and 0.2% from last month.
  • 12 houses pending over $1M pending and only 5 closed in the past 30 days. If these all close in 30 days we could see a significant price improvement in the average sales price and less of one in the median sale price.
  • Time on the market is up over last month by 6.5% but holding nicely at -7.4% for the year.  This indicates listings being better priced up front.

 

Hold on or put your hands in the air – your choice.  The ride apparently is not over yet even though Ben Bernake said we were done in September 2009 and Mark Zandi of Moody’s said in February 2010.

November 2010 Market Action

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