Let's dive even deeper than this. Let's begin by looking at a year over year comparison of specific real estate data that will help us understand what our local markets are doing compared to the rest of the country.
NOVEMBER New Listings:
We start by looking at the NEW LISTINGS that came on the market in November and we begin with 2017, where we see there were 389 NEW LISTINGS that came on the market. In November of 2018, we find an increase of +11.1 percent with 432 NEW LISTINGS. The following year in November of 2019, we increased slightly by +1.4 percent with 438 NEW LISTINGS.
NOVEMBER Homes for Sale:
We again, start by looking at November of 2017, where we see there were 1,464 HOMES FOR SALE. In November of 2018, we find an increase of +2.7 percent with 1,503 HOMES FOR SALE. The following year in November of 2019, we decreased by -12.1 percent with 1,321 HOMES FOR SALE.
NOVEMBER Pending Sales:
Let's view November of 2017, where we see there were 328 PENDING SALES. In November of 2018, we increased by +6.4 percent with 349 PENDING SALES. The following year in November of 2019, we increased by +17.5 percent with 410 PENDING SALES.
NOVEMBER Median Days on Market:
Let's view November of 2017, where we see there were 21 MEDIAN DAYS ON MARKET. In November of 2018, we increased by 23.8 percent to 26 MEDIAN DAYS ON MARKET. The following year in November of 2019, we decreased by -26.9 percent to 19 MEDIAN DAYS ON MARKET.
NOVEMBER Months Supply of Homes for Sale:
In November of 2017, the MONTHS SUPPLY OF HOMES FOR SALE was 3.5. In November of 2018, we decreased by -2.9 percent to 3.4 MONTHS SUPPLY OF HOMES FOR SALE. The following year in November of 2019, we decreased by -20.6 percent to 2.7 MONTHS SUPPLY OF HOMES FOR SALE.
So there is your comprehensive LOCAL look at the real estate market. If you are thinking about purchasing a home, please reach out to the Linda Hall Team. We'd love to assist you!!