Mid-Month Market Update: Essential Trends for Buyers and Sellers This November

With Thanksgiving just around the corner, it’s a great time to pause and reflect on what’s important—like making intelligent moves in today’s real estate market. Whether you’re thinking about buying or selling, the current market trends can help guide your next step. As we’re all planning for the holiday season, it’s a good time to think about what’s happening in real estate. So, let’s take a quick look at what’s going on this month and how these changes might impact your buying or selling journey.

Current Market Snapshot

Average Sales Price per Square Foot:

November 15: $289.79

October 15: $285.20

Change:? Up by 1.6%

We've seen a price bump, which is standard for this time of year.

Market Volatility

Prices have been a bit of a rollercoaster over the past six months, swinging up and down. This is because fewer homes are selling, which can make prices more volatile. However, the median prices have stayed more stable.

Pending Listings

Average List Price per Square Foot:

November 15: $333.17

October 15: $328.30

Change: Up by 1.5%

Pending listings suggest prices will rise slightly as we head into December.

Type of Sales:

Normal Sales: 98.8%

Foreclosures: 0.3%

Pre-Foreclosures (including short sales): 0.9%

Foreclosure activity has ticked up a bit but remains low overall.

December Price Forecast

We predict that by December 15, the average sales price per square foot will be around $294.64. This is a 1.7% increase from November 15, with a 90% confidence that the actual cost will fall between $288.72 and $300.50.

What This Means for You

For Buyers:

Act Now:? With current demand being weak, now might be the perfect time to snag a deal before prices rise.

Foreclosures: A slight increase in distressed sales could mean more opportunities for bargains.

For Sellers:

Price Increase: The upward trend means you could sell your property for more.

Timing: Listing your property soon could help you take advantage of the favorable market conditions.

Supply and Demand:

Demand: Weak but stable.

Supply: Rising, but expected to peak soon and decline slightly for the rest of 2024.

Understanding these trends can help you make better decisions in the real estate market. Stay tuned for more updates, and feel free to contact me if you have any questions or need assistance.

Source: The Cromford Report