December Market Update

November Review: 

   After a busier than usual late fall we are starting to see the seasonal cooling off around the holidays.  Closed sales, inventory and median sales price were all down in November as both sellers and buyers tend to back off this time of year.  We also note that with 5.8 months supply of inventory the market is healthier compared to November last year (5.3 months).  The strong economy and hints from the Fed that rate hikes may be slowing down is good news for a healthy local market.  However the low affordability index (meaning the median house price costs more than the median income can afford) continues to be a point of concern.

	Sept	Oct	Nov
Closed Sales	370	378	308
Inventory	2,291	2,252	1,968
Median Sales Price	$437K	$480K	$435K
Avg Days on Market	89	98	100
Avg % of Original Price	95%	94%	94%

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