November numbers are in! Generally speaking, the numbers for November look pretty consistent with what someone would expect a November in NWA to look like. None of the statistics stand out as particularly attention getting or noteworthy.
Compared to 12 months ago, all metrics are up except months of inventory (no change from 12-month prior) and sale price versus original list price (down 0.2% from 100% 12-months ago); both insignificant changes.
For the last five months, the median sale price has held fairly steady. It has hovered between $335K and $340K. That small $5K variation is the smallest fluctuation in any 5 consecutive month period in the last 4.5 years (previous smallest was Oct 2018 to Feb 2019 all between $188K and $192K). This sign of stability should be refreshing to buyers.
The only double-digit change from the prior month was new listings which saw a 19% decrease. Meaning for every 5 sellers that entered the market in October, there was only 4 in November. However, the fact that months of inventory didn’t change, says that the rate of decrease in sellers entering the markets is very similar to the rate of decrease of successful buyers in the market.
Looking at the percentage changes of these metrics from the last month, you could say there is a small general decrease; however, given the changes are marginal for most metrics, it is hard to state these are a sign of a shift in the market or the typical slowing of the market seen during winter months. In fact, these were smaller decrease than the same time period last year…which was still followed by a very successful year in 2023. We hope that continues, but remain vigilant for signs of market shifts.