The November real estate market experienced a typical seasonal slowdown with decreases in total sold dollar volume and units sold and an increase in median sales price. Total sold dollar volume came in at $120.3 million, representing a nearly 3.8% year-over-year decrease from the November 2017 number of $125 million. Units sold decreased from 401 properties sold in November of 2017 to 382 properties sold in 2018. Median price increased 5.2% going from $285,000 last November to $300,000 this November.
“In November, the real estate market experienced a typical seasonal slowdown as we approached Thanksgiving,” commented FAAR Board of Director Arlene Mason. “Showing activity slowed early in the month and buyers seemed to be more discriminating and selective. The market transitioned from the seller’s market that we saw during the summer months to a more balanced and normal market.”
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased over 5% from November of last year. Homes spent an average of 83 days on the market in November of 2017 compared to 87 days on the market in November of this year.
Inventory increased 3.6% in November of this year, with 1,532 active listings on the market compared to 1.478 listings on the market in November of 2017. While active listings were up, every other measure of transactions decreased, indicating that the market is slowing heading into the holiday season. Total pending contracts at the end of November were down 15.5% from last year.
*brightMLS has changed the calculation for days on market leading to a higher overall number compared to past reports. The new calculation accumulates days when a listing is “active under contract” where the old system paused accumulation of days on market when a listing was in any contingent status.”