Real Estate Report presented by Tami McCraw

The median sales price for single-family, re-sale homes was down for the third month in a row in November, month-over-month. It was up 1.8% compared to last November. That is the lowest year-over-year increase since May 2012.

That’s seventy-eight months in a row the median price for homes has been higher than the year before.

The average sales price was down 1.7% from October, but it gained 8.9% year-over-year.

The median sales price for re-sale condominiums fell 4.4% from October, and, it was down 1.7% year-over-year. The average price fell 3.3% from the month before, and, it was down 1.2% year-over-year.

Home sales, meanwhile, were down 17.5% from last November. Condo sales were down 16.9%.

Year-to-date, home sales are off –11.6%, and condos are down –9.3%.

Homes continue to sell quickly, taking only thirty-nine days from coming onto the market to when they go under contract. The average since January 2001 is fifty-seven days. Condos are selling in thirty-two days, the average is fifty-five days.

The sales price to listing price ratio was 97.9%. The ratio for condos was 98.4%.

Inventory continues to be abysmal. It is just over one-half the average since 2001. As of the 10th of December, there were 4,495 homes for sale. We average 8,515!

Condo inventory is at 1,903 units for sale. The average is 3,460.

This is reflected in our Days of Inventory statistic which is eighty-nine for homes. The average is one-hundred and forty-four.

There are seventy-seven Days of Inventory for condos. The average is one-hundred and thirty-two.

If you would like to know what’s going on in your neighborhood, click on Recent Sales & Listings. That will tell you what is for sale and what has sold.