It seems like ages ago that we celebrated the new year, so it's hard to believe we're still talking about 2012. But in order to find out how the Carmel housing market truly fared last year we have to finish out the 2012 housing market reports - starting with November.
Overall, the Carmel housing market report for November 2012 is a continuation of the good news that began earlier in the year. While there weren't any huge spikes like we saw in the October Carmel housing market report - when Closed Sales jumped more than 38% - most categories saw small gains. Notably, Average Days on Market dropped 14% from October 2011 to 98 days. Also notable is that both 2011 and 2012 numbers include sales of three $1 million+ properties and one $2.5 million+ property. The lowest priced homes for both 2011 and 2012 were around $60,000. That's a lot of high end properties that are selling (good news!) and quite a spread in home prices.
The three month Carmel housing market report which compares September, October and November 2012 to the same time period the previous year also gives reason to believe that the market is truly on the upswing. Gains were made in Closed Sales (+18%) and Median Sales Price (+4.4%). Percentage of List Price Received at Sale held steady, while Average Days on Market decreased 5.1%.
The real number to watch, though, is New Inventory which decreased 9.4% in the three month comparison and 1.9% in the month to month comparison. The spring selling season is just around the corner and a shortage of inventory could make things very interesting. If you are planning to sell your Carmel home, be sure to request a comparative market analysis from your real estate agent. This report will help you price your home correctly by providing information about comparable homes that have sold in your area.
Be sure to check next month for the end of the year Carmel housing market report and a preview of 2013!