The Pending Price Index
Last month the STAT mathematical model projected a median sales price for October of $285,000. The October reported median was $285,000. Looking ahead to November, the ARMLS Pending Price Index anticipates the median sales price will decrease, projecting a median sales price of $282,868. It’s a common seasonal occurrence for the median sales price to wobble through the last half of the year.
We begin November with 5,934 pending contracts; 3,471 UCB listings and 545 CCBS giving us a total
of 9,950 residential listings practically under contract. This compares to 8,307 of the same type of listings one
year ago. At the beginning of November, the “pending” contracts are 19.8% higher than last year. There were 19 business days in November of 2018 and 18 this year. ARMLS reported 6,515 sales in November of 2018. We expect sales volume will be higher this year in the 7,100 range.
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