Market Update – November 2016

The story has remained consistent as concerns residential real estate. In year- over-year 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 down 10.8 percent for Single-Family homes and 33.3 percent for Townhouse-Condo properties. Pending Sales increased 26.9 percent for Single-Family homes and 6.5 percent for Townhouse-Condo properties.

The Median Sales Price was up 2.5 percent to $263,500 for Single-Family homes but decreased 7.5 percent to $212,750 for Townhouse-Condo properties. Months Supply of Inventory decreased 31.2 percent for Single- Family units and 29.5 percent for Townhouse-Condo units.

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. Post-election, mortgage rates are up and so are opinions that a trend shift is likely in the near future.