The November market was nothing to write home about (in a good way).

This is probably the last thing on your mind during these last few weeks of the year. Holidays, family, lots of food...did I mention food. These next few weeks, my scale will be "broken", at least thats what I will tell myself. BUT It'll be good to absorb a little more knowledge before the holiday blues takes us by the wayside. 

Like I have mentioned in my prior blogs, seasonality is finally returning to the real estate market. Remember that phrase, "we will return back to normal", well we are there. In english, this year we are actually slowing down like normal coming into the holiday season unlike last year. 

We held pretty stable in November, buyers & sellers really started to check-out right around Thankgiving, so we will see that more in the December data next month. You won't here this from the main-stream media.. According to them, "the sky is falling", it is an udder crash and burn scenario! Don't buy into their BS- Read/understand the data and consult your local professionals. 

Let's dive into it....


Pricing held stable in November, Sliding nominally by less than a percent. The median home price now across the 5 major counties is $435,000. An increase of about 7% from November 2021. 


Here we will look at Months of Inventory on the market, and the number of new listings coming on the market.

  • Months of Inventory rose from the high 3's to about 4 months of inventory. Remember, this figure is found by the dividing the number of homes sold in the month by the number of active listings. 
  • The # of new listings dropped from 3400(October) to 2600 this month. 

Actual inventory on the market is staying low, however we are seeing transactions (the number of homes sold) drop, hence the rise is "months of inventory". *See the charts below*

In terms of pricing, the market was fairly flat in November. Most changes occurred around seasonal demand and we expected this. Interest rates did tick down back into the high 5%'s (for prime borrowers), this provided a slight surge in demand from those sitting on the sidelines. However many are waiting until after the holiday season to make any moves. If you have some flexibility, and want to have less competition as a buyer this last quarter might be your time to shine. 

As always, if there is anything I can do for you or your friends & family, let me know. Also, if you would like data particular to your area & price range, reach out and I would be happy to provide that for you. It is important to see because location is key, some areas in the metro barely felt a slowdown, while some experienced it much more. 

Posted by Carson Hulak on


Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.