OCTOBER 2011 - Market Update
October residential closings for Metrolist posted an increase of 8.9% over this time last year. This is the 5th month in a row in which residential closings showed an increase over the same period last year. Inventory continues to drop with only 11,504 residential homes on the market, a 30% reduction from October 2010.
The condo market was very active in October posting a 24.7% increase in closings versus October of 2010. Inventory continues to drop in the condo market as well with only 2,652 condos on the market a 45% reduction compared to this time last year.
October 2011 - Real Estate Market Update
Entire MLS (all areas)
• 8.9% Increase in closed sales year over year
• 34% Decrease in Absorption Rate (5.1 months)
• 30.2% Decrease in active listings (11,504)
• 6.1% Decrease in average sold price ($269,503)
• 24.7% Increase in closed sales year over year
• 45.7% Decrease in invetory (2,652)
• 1% Increase in average sold price ($160,723)