We are a few days into December and the numbers are finalized, so let’s look at how the November market fared!
As we started to see in October, the market has definitely continued to slow down a bit (read our October update here!). Houses are continuing to fly off of the shelf but we are seeing slightly longer days on market and inventory is not very high right now.
The average days on market for November 2020 are still rather low, it is just shy of a month at 29 days. Looking at last year’s November, houses were typically on the market for roughly about 37 days.
So the 2020 November market is moving a bit faster than in 2019 as we have seen this trend pop up in the last few months. The trend is apparent especially in the 200-299,000 price band because $240,000 is Oakland’s average price point. Other price bands have also repeated a similar pattern.
As predicted, the low inventory continued in the November market. From November 2019, we are experiencing a 44% decrease in active listings. Despite the decrease, the homes debut on the market and they are selling just as quickly as they appear.
Even though the November market definitely cooled, the list to sale price ratio has shifted just a bit from October. There was an increase in the list to sale price ratio of 1.8%. This signals that the seller’s market is very much active. If you are thinking of selling, now is a great time to take the leap!
(P.S. houses sell all year round so you have nothing to worry about if you sell outside of spring’s market!)
This market is cooling, but there still is quite a bit of motion in the ocean. Homes are being listed and sold just as fast. In November 2020, sales increased by 10.8%! That’s 137 more homes sold than in November 2019.
The November market absolutely saw some shifting and a slight decrease in pace. It did continue the trend of sales increases and favorable list to sale price ratios that the overall Oakland market has seen for a few consecutive months.
If you would like to see your home in comparison to the present market, we’re always happy to stop by for a market analysis. Simply reach out here: Contact Us.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic.