Sales were slightly down from October with 23 properties closing escrow in the month of November. Of these 23 sales, 16 were cash purchases, 6 obtained conventional financing and 1 was seller financed. Cash purchases remain prominent in our marketplace representing 70% of transactions last month. Interest rates have trended downward five weeks in a row but continue to keep many buyers and would-be sellers on the sidelines that are tied to their low rate.
Notable sales include 933 Northwood Blvd #11, closing in just 15 days and being the highest recorded sale to date of this floor plan in The Pointe. On a different note, 912 Lakeshore Blvd accepted an offer 20% below original list price and 9% of the list price at the time of offer. November saw sales ranging from $380k to $8M in November and time on market spanning from 12 to 500 days. As evidenced above, there is no one size fits all generalization to this dynamic market. My monthly recap aims to bring up the key points month over month and take a deeper dive with each of you individually.
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Currently 106 properties are listed for sale, 65 single-family homes, 35 condos and 6 vacant lots. As is typical of this time of year, available for sale properties continue to decrease, which is a result of both sellers removing their homes with winter weather approaching and eager buyers swooping up attractive properties in this new norm of a low inventory market.
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