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November was largely another encouraging month for residential real estate. Our attention shifted from multi-year high prices and sales volumes to seller activity, inventory levels and building permits. As is typical this time of year when families gather together, fewer house hunters are scheduling showings and writing offers. Watch for month-to-month activity to moderate while year-over-year comparisons remain strong.
When comparing November of 2013 to 2012:
• New Listings decreased 4.8 percent to 653.
• Pending Sales were up 3.7 percent to 471.
• Inventory levels grew 0.6 percent to 3,264 units.
• The Median Sales Price increased 7.3 percent to $110,000.
• Percent of Original List Price Received increased 1.3 percent to 92.2.
• Months Supply of Inventory was down 8.6 percent to 5.3 months.
Recent economic and jobs data have surprised to the upside by exceeding expectations and the Federal Reserve leadership has already indicated they will begin to taper bond purchases. Non-farm payrolls grew by 204,000 jobs in October, outperforming Wall Street expectations. In another bullish sign, August payrolls were revised upward to a 238,000 job gain – positive momentum that should
support housing recovery. Just in time for the holidays.
At North Eastern Group Realty, we are prepared to assist our clients with their significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.
North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.