We are at a historical moment of acute industry transformation, and there are billions of dollars in investment capital parked against the wall, skates on, patiently waiting for just the right market song to dance pairs to. Private job growth figures strummed and uplifting tune for November skaters. With interest rates maintaining at record lows and the 2010 tax credit now yesterday’s fashion, let’s look at the activity happening in our local, er, market.
The 8,707 Pending Sales in the MRIS region increased 21.1 percent since last November. New Listings decreased 2.6 percent to 11,849 and the 63,645 active listings were up 0.5 percent. Months Supply of Inventory – which should ideally fall between five and six – increased 5.0 percent to 7.2 months.
Price gained some ground last month. Median Sales Price increased 5.9 percent versus last November, checking in at $270,000. Market times increased 2.5 percent and are now at 86 days.
The national housing market continued to stablize on the heels of some of the most positive economic news since the Great Recession began in December 2007. As foreclosures continue to unlace and exit the arena, the increased share of traditional sales coupled with greater consumer purchasing power should lift home prices and foster a balanced market place.
