The Single Family Home Market in November

Overshadowed by the Thanksgiving holiday, _November sales of single family homes tend to begin quiet and then come to a slow crawl.

The last part of that statement will be seen in December, but overall there certainly wasn't much movement. However, inventory keeps falling, with stable prices, which in itself is astonishing.

• Houses for sale: 20,031 (-1.6%)
• Inventory: 6.9 mos (-6.4%)
• Median list price: 301,500 (+0.5%)
• Median list price per sf: $143 (no change)
• Houses sold last month: 3,065 (+4.8%)
• Median selling price: $189,467 (no change)
• Median selling price per sf: $97 (no change)

Though inventory is over 17% lower in November 2011 than November 2010, year over year prices have dropped by 10%. So dwindling inventory does not always equate rising or even stable prices.

At least so far.

_Table: single family home data per month’s end for Palm Beach, Broward and Miami-Dade (Florida) counties. Changes are month-over-month.
Chart: Single family home data Dec 2010 to Nov 2011. Red: median list price, green: median selling price, blue: inventory in months. – Data compiled from SEF-MLS