The narrative hasn’t changed much from last week: sales are down while new listings and inventory remain elevated.
Month-to-date average and median prices are off -2.2 and -3.6% from the same period last year.
I know many are critical of benchmark prices and indices, and that the average is the most fun to reference during both booms and busts because of its hyperbolic nature. But a word of caution: in the low sales environment we’re in, it’ll take just one multi-million property like this to sell and significantly boost the average price upwards.
Let’s say that Aspen Woods home sold yesterday. The MTD average price would’ve jumped 4% from $467,384 to $485,910 on that sale alone.
The median price is a much better alternative, and although it’s also influenced by a change in the sales mix, it won’t be skewed by a single high or low sale. If that Aspen Woods home had sold for $12,250,000, the median price would sit unchanged at $409,900. Just something to think about.
Through two weeks in November, a total of 635 homes sold across the city. That’s -6.3% below the 10 year average and -10.3% fewer sales than the 5 year average.
New listings are up 4.2% y/y to 1178, above the 10-year average by 4.7% and the 5-year average by 15%. It’s the highest MTD November level since 2008.
There are 5,699 homes on the market, a 27.2% increase (+1,220) from the 4,479 homes for sale exactly a year ago.
Overall, there’s not much to suggest that prices won’t continue to be squeezed lower in the coming months.