November Real Estate Market Profile

As a Realtor I am often times asked how our local market is performing. Well, here is the November Market Update that I have prepared so you can get the scoop on whats going on in the 92024 zip code.
(Note, based on single family homes, not including condominiums, townhomes, or manufactured homes.)

Property Sales

November Property sales were 43, up 72.0% from 25 in November of 2011 and 2.4% higher than the 42 sales last month. November 2012 sales were at their highest level compared to November of 2011 and 2010. November YTD sales of 429 are running 30.0% ahead of last year's year-to-date sales of 330.

Prices

The Median Sales Price in November was $715,000, up 10.0% from $650,000 in November of 2011 and down -23.5% from $935,000 last month. The Average Sales Price in November was $858,961, up 9.4% from $784,820 in November 2011 and down -24.3% from $1,135,218 last month. November 2012 ASP was at a mid range compared to November of 2011 and 2012.

Inventory & MSI

The Total Inventory of Properties available for sale as of November was 101, down -16.5% from 121 last month and down -44.8% from 183 in November of last year. November 2012 Inventory was at the lowest level compared to November 2011 and 2010. 

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2012 MSI of 2.3 months was at its lowest level compared with November 2011 and 2010. 

Market Time

The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyers market, a downward trend a move towards more of a Seller's market. The DOM for November was 67, down -8.2% from 73 days last month and down -17.3% from 81 days in November of last year. The November 2012 DOM was at its lowest level compared with November of 2011 and 2010.