RE/MAX National Housing Report for November 2019

condo 2019


Tight Inventory Accelerates Sales, Pushes Up Median Sales Price

A fifth straight month of shrinking inventory year-over-year triggered several November records in the 11-year history of the RE/MAX National Housing Report: fewest Days on Market at 49, fewest Months Supply of Inventory at 3.3, and the highest Median Sales Price at $257,000.

In the 54 metro areas covered by the report, November home sales overall averaged 1.0% below November 2018 following significant year-over-year increases in September and October. Thus far, four months of 2019 posted year-over-year sales increases and seven, including November, have seen declines. Three of the monthly declines, however, were less than 2% below 2018 sales levels.

As inventory dropped 13.3% from November 2018, it took an average of 49 days to sell a home last month, compared to 51 days a year ago. The 3.3 months of inventory represented a sharp drop from 4.4 months a year ago.

“We continue to see favorable economic conditions and solid demand, but buyers coming into the market are being met with a progressively constrained supply of homes for sale,” said RE/MAX CEO Adam Contos. “This has helped accelerate the pace of sales and push up prices, two factors that favor sellers. As we approach 2020, it seems likely that inventory will be the market’s main throttle next year – if more homes come on the market, sales should benefit; if that doesn’t happen, sales may be challenged. Buyers are out there and ready to go; we just need more listings to meet the demand.”

The November Median Sales Price of $257,000 marked a 7.9% year-over-year increase. It was the third-highest year-over-year increase thus far in 2019.  While prices declined month-to-month from June through September, price appreciation began to accelerate in October and the November Median Sales Price topped October by 0.7%. November prices have topped October’s for nine consecutive years, dating back to 2011.

At RE/MAX Flagstaff, our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

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