November 2016
The story has remained consistent as concerns residential real estate. In year-overyear
comparisons, the number of homes for sale has been fewer in most
communities. Meanwhile, homes are selling in fewer days and for higher prices. This
hasn't always been the case, but it has occurred with enough regularity and for
enough time to make it a trend for the entirety of 2016.
New Listings were up 23.2 percent to 1,190. Pending Sales increased 19.1 percent
to 918. Inventory grew 8.7 percent to 4,627 units.
Prices moved higher as Median Sales Price was up 3.1 percent to $150,000. Days
on Market decreased 16.0 percent to 79 days. Months Supply of Inventory was
down 2.2 percent to 4.5 months.
Financial markets were volatile in the days surrounding the presidential election, but
they self-corrected and reached new heights soon after. Long-term indicators of
what it will be like to have a real estate developer for a president remain fuzzy, but
the outcome is not likely to be dull. Prior to the election, trend shift was hard to
come by, and unemployment rates have not budged since August 2015. Postelection,
mortgage rates are up and so are opinions that a trend shift is likely in the
near future.
Information courtesy of CMLS*
