Please click here for the full monthly newsletter.
Debating On Whether to Sell or Buy? This Is The Time!
November Statistics
The absorption rate went down slightly since last month. It was 47.6% in October and 44.7% in November. As a reminder, typically rates below 15% indicate a buyer's market and above 20% is a seller's market. While this is a seller's market, the interest rates are even lower than last month which makes it a great time to buy as well! If you are considering buying and will need a mortgage, I would highly recommend reaching out to a mortgage lender for prequalification. This way you will be prepared and have one up on other buyers.
In November total homes for sale was down 25.4% (73 homes) but the total sold was up 40.4% (23 homes). The number of pending sales was also up 50% (31 homes). The average sold amount was up 40.2% ($427k on average) but the average dollar per square was flat at 0.2% (on average of $758). The average days on market was down 17.1% (67 days this year at 80 last year). To get a better understanding of the right time to buy/sell, click here for a breakout by town.
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 2.80%
15 Yr FRM 2.38%
FHA 30 Year Fixed 2.33%
Jumbo 30 Year Fixed 3.14%
5/1 ARM 2.42%