November Real Estate Update
In last month’s market update, we discussed the "Late 2024 Run," highlighting that one month does not define a trend. However, recent data suggests that the real estate market may be on the rebound, even as seasonal patterns come into play.
November sales, as expected, didn’t quite reach the highs of October but were up over last year.
That being said the, apartment segment continue to defy the trend and outpaced October sales. November saw a modest increase in apartment sales—five more than October—and the months of inventory dropped for the second consecutive month, now sitting at 7. This shift nudges the apartment segment closer to a balanced market.
Looking at the market as a whole, inventory remains higher than last year, with 400 more active listings than the same month in 2023 and 944 since November 2022. With more inventory it also gives more choices. The sales numbers also tell a positive story: November sales outpaced those from the same month last year by 70 transactions and 2022 sales by 48 total sales, representing an $30 million increase in total inventory sold compared to 2023.
944 more choices since 2022. The trend of active listings and sales over the last 2 years is also seeing more sales compared to the same time period in 2022 signaling the real estate market might be on the rebound.
Total Sales
Sales: 305
New Listings: 663
Current Inventory: 3,229
Median Days to Sell: 51
Average Days to Sell: 67
Months of Inventory: 11
Median Sale Price: $679,900
Average Sale Price: $776,329
Total Volume: $236,780,294
Single Family Sales
Sales: 131
New Listings: 270
Current Inventory: 1,439
Median Days to Sell: 63
Average Days to Sell: 72
Months Inventory: 11
Median Sale Price: $940,000
Average Sale Price: $1,064,835
Total Volume: $139,493,369
Townhome Sales
Sales: 50
New Listings: 109
Current Inventory: 390
Median Days to Sell: 53
Average Days to Sell: 60
Months of Inventory: 8
Median Sale Price: $639,950
Average Sale Price: $667,860
Total Volume: $33,392,975
Apartment Sales
Sales:98
New Listings: 183
Current Inventory:688
Median Days to Sell: 539
Average Days to Sell: 63
Months of Inventory: 7
Median Sale Price: $457,450
Average Sale Price: $502,373
Total Volume: $49,232,550
As we move forward, these figures hint at the resilience of the market, even during the slower months. If you have any questions about the market or your property’s potential, feel free to reach out—we’re here to help.
Mark and Maddie Coons
778-744-0872
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