The real estate market for Single Family Homes in Cumberland County witnessed notable trends in November, reflecting dynamic shifts in key indicators.
The Average Sales Price for single-family homes experienced a substantial 16.3% year-over-year increase, reaching an impressive $540,000. This surge is indicative of robust demand and sustained price growth in the market. Furthermore, it marks a 0.6% uptick from the previous month.
Closed Sales, however, saw a slight decline of 3.3% compared to the same period last year, totaling 236 transactions. This decrease is more pronounced, showing a 23.1% drop from the previous month.
The Average Days on Market remained consistent year-over-year at 8 days, showcasing the continued rapid pace of home sales. However, this represents a 14.3% increase from the previous month.
Inventory Supply, a crucial metric, stood at 1.6 months, indicating a 15.5% year-over-year increase and a substantial 25.5% rise from the previous month. This suggests a growing inventory and potentially a shift towards a buyer's market.
The Sold-to-List Price Ratio reached 101.4%, showing a slight dip of 0.5% from the previous year and a 1.2% decrease from the previous month.
In summary, the Cumberland County Single Family real estate market in November showcased a robust demand with a significant surge in average sales prices. However, the decline in closed sales and the increase in average days on market, along with a notable rise in inventory supply, suggest a potentially evolving market with shifting dynamics, offering opportunities for both buyers and sellers.