This will be the last update of the calendar year and I also just want to take this opportunity to say Merry Christmas and Happy Holidays and thanks for watching this video that we send out every month. I hope it's providing value to you.
In November we saw an increase of pending sales by nearly 25% compared to November of 2023. So for all of you wondering what the buyer sentiment is and is now a good time to buy? By the numbers, we had a 25% increase and that's a really positive sign.
What could be contributing to this is that we rolled into December with interest rates being at about 6.88%, and that is a little over one full percentage point lower than our interest rates were about a year ago.
Now we're into December and we've seen the rates come down as low as 6.6%/6.7%. So some relief in the interest rate market. I think everybody can agree that we were just ready for the election to be over and we've seen a marked increase not only in pending sales, but also in showing activity in general, buyer inquiries and inbound calls. All across the board, the phones are ringing and people are asking about real estate.
So I think everybody's ready to get back into normal life, put the election behind us and we're moving forward.
When you look at demand relative to the supply, we've got a 4.7 month supply. I can't remember when we've had an inventory that was over six months. Six months, obviously is that balanced market that we always talk about. So still slightly undersupplied.
That being said, values in the month of November did come down slightly, so MLS-wide, a little bit over a half a percent, not much. Prescott did see a little bit of change, 3.8% down. Prescott Valley was about 2% down and Chino Valley stayed fairly level. So increased buyer activity values did falter just a little bit in most of the municipalities.
Days on market were sitting at 72 for the overall MLS for the homes that have sold. Prescott's right there at 60 days and inventory of 930 site built single family homes on the market today. So we've been watching that trend, waiting for it to start reversing. We saw the first glimpse of that last month. Now we've dropped another 70 listings or so. So we're in the low 900 range as far as inventory is concerned.
If you're a seller and you're thinking about putting your home on the market, it might be a good idea to get ahead of that conversation. Because if the rates do come down, a couple of things might happen into the New Year. Number one, we could see more sellers begin to put their home on the market, which happens seasonally as well.
But the other thing that's going to happen is, if the interest rates come down, then we're going to get a bunch of buyers coming in and ready to go. So if you have any questions, if you're a buyer wondering is now a good time? If you're a seller wondering if now's a good time?, we field those questions every single day and are happy to have that conversation with you.
As far as the active inventory is concerned right now, those 930 properties are listed at about 14% over the average sales price per square foot and they've been on the market for over 127 days. So again, that's just a direct correlation to maybe being a little optimistic on pricing.
If you have questions about any of the things that we've talked about today, please reach out. And once again Merry Christmas and Happy Holidays from everybody here at The Hyland Group.
Click here to learn more about our 5 proven steps to selling your home.
Click here to check the average value for your home instantly.
