Home sales increased and inventories decreased for the first time in four months when comparing Nov 2016 to 2015 in 4 key North Side Neighborhoods.
A 17.5% rise in median prices was another positive sign.
The key issue in the current market continues to be inventory levels.
Low inventory levels for homes priced under $500,000 are hurting sales despite a strong buyers’ market.
High inventory levels for luxury homes priced over $1,000,000 have had an adverse effect on Median Prices and Average Days on the Market.
Here are 4 examples of how inventories are affecting the market in opposite ways in November 2016 vs 2105.
Home Sales - Homes priced under $500,000 dropped 3.3% while luxury homes rose 14.7%.
Homes For Sale – Luxury homes increased 27.9% while homes priced under $500,000 dropped 21.2%.
Months Of Supply Of Homes – Homes priced under $500,000 dropped 17.8% to 2.3 MSH. Luxury homes rose 35.3% to 9.2 MSH.
Average Days On The Market – Luxury homes rose 71% while homes priced under $500,000 dropped 30.7%.