Since 1985, the number of homes available for sale at the end of November has dropped an average of 8.8 percent from October’s inventory. But last month, the inventory dropped 18.7 percent to 5,131, a record low for November.
To put that in perspective, the number of active listings available in November since 1985 has averaged 15,232.
“History tells us inventory will continue to decrease until sometime around February. We may be looking at more record lows,” Steve Danyliw, chairman of the association’s market trends committee, commented in the report.
Home and condo sales declined 13.5 percent month-over-month and are down 8.1 percent from November 2016. Despite that drop, sales in 2017 remain on track to beat 2016, Danyliw said.
The median price for a single-family home sold in November was $405,000, a decline of 1.7 percent from October, but up 8 percent over the year. The median price of a condo fell 1.1 percent to $272,000, but remains 9.5 percent higher than a year earlier.
