November Residential Highlights
For the second month in a row there was a slight decrease in inventory in the
However, the number of transactions also continues to drop. When comparing November 2007 to November 2006 closed sales decreased 19.9% and the number of accepted offers fell 27.8%. Despite it all, sale prices appear to remain strong. Average sale price increased 6.9% comparing November 2007 with November 2006 and median sale price increased 2.5%. Average
2006 2007
Year-to-Date Trends
Comparing the period of January 2007 through November 2007 to the same time a year ago, we see a slightly different trend than we’ve seen the last couple of months with an overall 8.3% increase of new listings. However, the dip in transactions appears to remain constant, although not quite as intense as the previous two months. The number of closed sales fell 11.8% and pending sales declined 14.8%
Appreciation
Using the average sale prices for the twelve months that ended with November 2007 compared to the twelve months ending in November 2006, the average sale price appreciated 6.5% ($340,900 v. $320,100). Using the same formula, the median sale price also appreciated 7.0% ($288,900 v. $270,000).
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