November saw decreases across all market data points compared to last month, with the only increase being days on market. Prices, active listings, new listings, and pending sales all saw significant declines. Average days on market jumped 17.9% to 33 days when viewed month-over-month. Also, the percentage closed price to list price dropped 0.4% to 98.4% - the lowest it has been in 4 years. As has been the case the last few months, seasonality and mortgage rates continue to have a hand in shaping the market.
Percent of Closed Price to List Price
This data point saw a continued drop and was down 0.4% when compared to last month. This data point is the lowest we have seen in 4 years.
Supply - Active Listings
Active inventory was up 72.8% year-over-year and down 19.8% compared to last month. The year-over-year increase in active inventory is due to the increase of days on market and buyers taking their time given the higher rates.
New listings were down 30.7% when compared to last year and down 30.8% when compared to last month. Sellers are likely looking to 2023 at this point, given the holiday season.
Demand - Pending Sales
Demand is down 37.5% year-over-year and down 14.5% when compared to last month.
Average Price per SqFt Single-Family
The average price per square foot for single family homes is down 1.8% compared to last month, and is equal to last year at this time.
Average Days in MLS
Days on market saw a significant increase to 33 days, on average. This was an increase of 17.9% when compared to last month, which was at 28 days on average.