The November market stats are out from RMLS, with no particular surprises. What I see as seasonal slowing is evident in lower pending sales; down 14.0% from October 2013, and but up 5.6% when compared with November 2012. Closed sales decreased 16.8% from October 2013, but are up 5.1% over November 2012.
Our market time got a tad longer in November; 80 days vs. 76 days for October 2013. In the fall, we see houses that didn't sell in the busy time sitting on the market, pushing the days on market higher.
The median home price for the first 11 months of this year up 13.3% over the same period in 2012 to $265,000.
And inventory; measured by how long, at the current rate of sales, it will take to sell all the houses on the market, is at 3.7 months, the same as September 2013, and a tad up from, the 3.4 of October 2013. November of 2012 had 4.2 months of inventory, and November 2011, 6.2 months. Remember, a balanced market; neither seller's nor buyer's market, is thought to be about 5 to 6 months of inventory.
I'll be posting my year end review, and 2014 predictions soon. Keep a look out!
Read the full report for the Portland area.