This month I am simplifying this and breaking it down two different ways for you. Year over year (YOY) and since last month (LM).
Year over year (YOY)
- New listings down 8.3%
- Pending sales up 19.4%
- Closed sales up 2.2%
Last month (LM)
- New listings down 30.9%
- Pending sales down 11.7%
- Closed sales down 15.3%
What does this mean and why should you care?
We can typically expect that from October to November there will be decreases across the board as we go into the holiday season and the winter. So I looked at the YOY changes for better indicators. For instance, pending sales are down from last month (expected), they are up dramatically YOY (surprising!).
Pending sales help indicate the number of buyers out there actively shopping and writing offers. Considering there are LESS new listings compared to 2018 and last month but there are MORE pending sales shows that now could be a good time to sell if you are considering doing so. The closer we get to spring, the more new listings will increase and as a seller, you will have more competition.
If you are interested in learning more about how this affects you, your home and real estate goals let’s chat.