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As you may remember, we spoke last month about how our market has bounced back from the hurricane damage our area sustained earlier this year. This time, we’re going to shift focus and discuss how recent local developments relate to what’s happening on the national level. Let’s dive in and examine the latest statistics.
Though single-family sales dropped 15.4% this November from what we saw last year, prices are on the rise. This is significant because price is always a lagging indicator of where our market’s headed.
Another important statistic to consider as we look at overall market conditions is inventory, which was down 3.7% this November from where it sat last year. Decreased supply is typical of this time of year, but we will likely see a boost in the number of available homes come January.
In addition to having fewer homes on the market in general, listings are also taking longer to sell. The average days on market has dropped 12.5% year over year, serving as yet another sign that our market is softening.
Now is the time to act if you’ve been thinking of buying or selling.
Moving on, let’s cover a few key statistics for new construction homes. At the moment, these developments are essentially a mirror image of the single-family home trends we’ve already discussed. Since November of last year, new construction homes sales have dropped 18.9%, prices have risen 14.6%, and inventory is down 5.6%. Finally, the average days on market for new construction homes has gone up 14.5%. Finally, the condo market, too, has undergone very similar changes since last year. Condo sales dropped 13.1% since November of last year, and prices rose by 6.5% to a median of $132,000. The average days on market also rose in the condo market, going up 3.7% year over year. There was one area of data that differed from the other market trends we’ve discussed, though. For condos, inventory actually rose year over year by 3.9%. Despite this disparity, it’s still clear to see that the overall trend in our market is the same across the board. All of these factors tell us that we are headed for a shift, but this isn’t cause for alarm. All it means is that now is the time to act if you’ve been thinking of buying or selling. Interest rates are set to rise again in the new year, so buyers may want to seize the opportunity to lock in a favorable rate while they still can. Sellers, too, should consider getting ahead of the market. The bottom line is that our team is always here to help. It’s our pleasure to bring you the latest news from our market and to help you shape your buying or selling strategy around these developments. Your success is our goal. If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
