November…a time to reflect
November, the month we look back from to analyze the year that has passed. The real estate market began collapsing in October of last year, with November struggling to produce a much reduced volume of sales that disappeared completely in December not to begin to reappear until May of this year. Then in June a complete reversal with the beginning of record sales volumes that have continued unabated month over month. The recovery in sales volume did not spark a spike in sales prices. The combination of high inventories, low interest rates and lower prices created a leap in affordability that generated the atmosphere for consumer confidence to return to the market. Buyers came back, volume recovered dramatically and prices have remained stable with only marginal increases. The market became balanced with a ready supply of new listings and an orderly market for buyers to work within.
