MARKET SUMMARY FOR THE BEGINNING OF NOVEMBER
- Active Listings (including homes under contract): 13,901 versus 18,322 last year – down 24.1% – but up 4.5% compared with 13,305 last month
- Pending Listings: 7,862 versus 5,919 last year – up 32.8% – but down 1.7% from 7,999 last month
- Monthly Sales: 9,992 versus 8,037 last year – up 20.5% – and up 3.6% from 9,641 last month
- Monthly Average Sales Price per Sq. Ft.: $207.37 versus $174.14 last year – up 19.1% – and up 4.3% from $198.84 last month
- Monthly Median Sales Price: $332,000 versus $285,000 last year – up 16.5% – and up 1.6% from $326,800 last month
Closed sales were over 20% higher than in 2019 during October. This is even more remarkable given that in 2019 October had 23 working days, 1 more than in 2020. With the average price per square foot up over 19% from last year, the dollar volume is exceptionally high at $4,272 million, up from $2,786 million last year. And last year we thought we had a strong market.
Average and median prices are running away skywards, but some of this is fuelled by a sales mix which increasingly favors upscale properties. During October we saw 37 closed listings over $3 million. This is not only the highest total for any October in history, it is the highest total for any month in history. The average for all months since 2001 is 9 and in October 2019 we counted 10.
