Single-Family Homes
As the number of homes for sale fell throughout the city by 27.3 percent compared to November 2010, the number of homes under contract this past month rose by 21.1 percent, while the number of homes sold rose by a substantial 22.3 percent. For properties that were priced below $700,000, the months of supply inventory dropped by 67.8 percent to 1.3 months. For properties priced between $700,000 and $1.2 million, the months of supply inventory fell by 12.1 percent to 2.8 months. Readings between one and four months typically indicate a seller’s market, where sellers have more negotiating power over home buyers.