As stated last month, properties are staying active for a longer time period, and you’ll notice price reductions from motivated sellers throughout the market. The median number of days on the market has risen one day from the October market report, while the pending listings have decreased since last month. Part of this could be attributed to seasonality, as our market can slow in November while the town quiets down and businesses close. Prices are generally still higher than a year ago today, and well-priced/marketed homes are selling fast without price reductions. I would still label this a seller’s market. While the number of active listings is 9% higher than last year, it’s still not enough inventory to cool prices down significantly.
