It’s already time again to take a look at the monthly real estate market update! The market is beginning to slow down for the anticipated holiday season, but November did have some important highlights.
Before taking a deeper look, it’s important to note that we are now looking at the median for numbers pulled this month instead of the average as done in months prior. The difference is quite simple. The median, according to Zendesk, is a numeric value that separates the higher half of a set from the lower half.
EXAMPLE: Below are seven figurative prices for homes.
The median of these set of numbers would be $205,500.
The average, according to Zendesk, is computed by adding up all the values and dividing the sum by the total number of values. Median and average are two drastically different ways of computing numbers. That is why it’s important to address this before diving into November’s market update.
Now that the math lesson is done - it’s time to check out the numbers!
One of the highlights from November is that each market area saw an increase in Average Sold Price. The two biggest increases were in Bucks County and Northeast Philadelphia. This is good news for Sellers! Buyers still continue to answer to the higher Asking Prices.
Median Sold Price
Bucks County: +10.3%
Montgomery County: +0.06%
Lehigh Valley: +1.4%
Northeast Philadelphia: +11.9%
“Just as we’ve seen in past months, low inventory (homes on market) continues to be a major factor in the market,” stated Jamie Mancuso, CEO of Coldwell Banker Hearthside. “It’s not surprising that we continue to see fewer homes on the market, especially heading into the holidays.”
Homes on the Market
Bucks County: -13.5%
Montgomery County: -7.0%
Lehigh Valley: -12.6%
Northeast Philadelphia: -20.8%
“We will continue to monitor the real estate market into the end of the year. As 2018 closes, we strongly encourage consumers to reach out to a Coldwell Banker Hearthside agent in their local area for a more in-depth analysis of their local market,” said Mancuso.