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Market Update: November 2021

Posted by VIBE Realty on Wednesday, December 8th, 2021 at 9:27am.

Written by VIBE Owner/Broker Steve Anderson
Well, here we are at the end of another crazy year in real estate. 2021 has been like riding a roller coaster where the safety harness is just a little too loose, and while it wasn't the worst ride we've ever been on, we're still ready to get off this thing. So, how did it shake out with the numbers? Some went as expected, but there's a surprise twist at the end, so stay tuned. 
What didn't surprise us? Well, the sale prices. They didn't change much - in fact, they hardly changed at all. The Average Sales Price came down less that two thousand dollars to $392k, which is the same as it was in September. And the Median Sales Price dipped to $338k, again, only down about two thousand dollars.
How long are houses sitting before they sell you ask? Well, the Average Days on Market has gone up by two days every month for four months now, and is up to 16, which is almost the highest it has been all year (January was 22). This is to be expected as we get further into winter, though.
Inventory is where things start to get a little cray cray. As it gets colder and holiday season approaches, it's pretty standard to have the inventory levels drop, which is exactly what happened. Total Inventory had its biggest decline of the year, landing at just six thousand total homes on the market in November. No surprise that the amount of new listings was also way down (for the 5th month in a row) to 4,106.
So where's the twist? Well, usually when listings and inventory go down, so does the buyer aggression, but not this year. Total units sold actually saw a slight uptick, even with significantly fewer listings on the market. There were 5,442 total listings sold, in a month with barely 4,000 new, what happened? Seems like buyers that have been waiting all year to be able to get a home, due to the ultra-competitiveness, took advantage of the season change and jumped on any remaining inventory. Bottom line, November (and it looks like December, too) was actually super competitive again.
Who knows what 2022 will bring, but tune in next month to find out how the year wraps up after we're able to study December's numbers. As always, if you plan to make a move in this quickly shifting real estate market, reach out to an agent at VIBE to help you navigate the path. You'll be glad you did.

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