NEW MARKET STATISTICS! The seasonal winter slowdown is upon us, but it’s not doom-&-gloom. Here’s what the data shows us…
Signs of the Seasonal Slowing:
-> Active listings were down almost 200 (or 4.1%) from last month
-> New listings were down 240 (or 17.1%) from last month
-> Total sales for November 2024 was down 170 closed transactions or almost $75M from last month (15.7% and 17.4%, respectively)
Signs the Changes are Not Market Shifts:
-> Both metrics for total sales (dollars & count) are up from November of 2023. That is, the market is outperforming last year.
-> Expired listings were down 200 (or 14%) from last month. If there was a sign of overall market slowing, this metric should be picking up. Said another way, a market slowdown would see more listings not finding buyers and thus, an increase in expired listings
-> The ratio of original list price to sold price is still in the 99% range. Most sellers are not having to make large concessions to sell their property.
-> Median days to sell went down by 5 days from last month. Meaning, in general, residential properties sold faster in November than October; and sold slightly faster than the same time last year (by 2 days).
Given all of the latest data, it’s fair to say, NWA is reasonably were we should be for a healthy market in November. If you want to know more about the current residential market (or commercial), reach out!