Prodigy Real Estate - SI NY Real Estate Blog

Last month alone, we saw some slight decreases in the monthly sales and monthly volume, the average listing and selling prices, the number of homes on the market, and the amount of time it would take to sell all the homes on the market in October.

The average cumulative number of days on the market for those homes rose just slightly, while the median sale price and the percentage homebuyers were paying from the listing price stayed the same.

With the revision to the amount of homes sold in October, the decrease for November is a bit less than what it could have been, but it is still much lower than we may have guessed.  According to the report, the number of homes sold in November was 264, which is a little more than eleven percent less than October’s newly-revised number.

The good news is that this is still forty-five percent higher than the number of homes sold in November of 2012.  However, being that we had been seeing 300 or more home sales in recent months, this is not a very good sign.

On the bright side, these coming months do not normally see many home sales due to a lack of interest in buying during the cold months, and we are still above the 200-mark average.

During November, homebuyers were receiving more of a discount for their homes than homebuyers were in October.  With the average listing price being $449,499 in November, homebuyers were on average paying for 94.80% of this price, making the average selling price $426,135.  This is great for homebuyers, but not so great for the 264 home sellers who were getting much less for their asking price.

Even so, the average listing price in November was almost eight percent high than it was in October, and the average selling price was a little more than seven percent higher than last month.

The median sale price rose as well, to $399,875.  This is about five percent higher than October’s median sale price of $380,000.  The median sale price being so close to $400,000 is pretty good news, since we had seen it way below this number in earlier months.

The cumulative amount of days that homes spent on the market drastically shot up from last month by almost forty-eight percent, leaving off with homes spending 198 days on the market.  This number is eight percent higher than November of last year, as well.  This isn’t a great sign for home sellers, as their homes aren’t being sold as quickly as they were in the last few months.

There were 2,103 homes on the market in November, which is a decrease of almost five percent from October, and a decrease of over twenty-four percent from November of 2012.  As we get closer to the New Year, it is now very likely that we will be seeing less than 2,000 homes on the market in 2014.

With such a short supply of inventory, this can go one of two ways for home sellers: either the homebuyers will wait it out to find that perfect home, or they will settle on one of the homes on the market.  Obviously, the second option would be a plus to the home seller whose home gets sold.  Even if this path is taken, the home buyers who settle on any given home can still transform it into the home of their dreams.

Of course, if the first option is taken, this would not be very beneficial to the home sellers, and we will likely see the number of days that homes spend on the market increase.  However, homebuyers should keep in mind that if they keep waiting, they may never find that home that they imagine living in.  It may actually be better to create your own dream home by transforming one the way you would want it.

With the home sales falling so low, the amount of time it would take to sell all 2,103 homes was estimated at 7.96 months, which is almost seven percent higher than October’s estimation.  However, it’s still almost forty-eight percent lower than the timeframe given for November of 2012, which is a good sign because it means that homes are still selling faster than they were at this time last year.

Next month, we’ll be able to see how the year closes and recap the numbers for the entirety of 2013.  You can check back with us next month for the rough estimate, along with the revised numbers for November.  Then, once February comes, you will be able to see the revised numbers for all of 2013.