New Construction Market Remains Strong

As 2016 comes to a close, the new construction market continues to remain strong.

November sales were down 9.8% from the previous month, but were up 8% over the same quarter last year. November pended sales were down 31.9% over the previous month, and pended sales were down 1.3% over the same quarter last year.

The average sale price of a new construction home in November was $343,000, which is up $35,000 from last year! The average price per square foot for the month of November was $193, compared to $177 per square foot last year at this time.

The overall new construction market had 930 single-family homes for sale in the month of November, compared to 841 homes at this time last year. That’s an increase of 10.6% and works out to 7.8 months of inventory based on closed sales and 10.6 months of inventory based on pended sales.

For single-family homes, the average price was $364,000 in November, which is up $41,000 from last year. The average price per square foot for the month of November was $196, compared to $181 per square foot last year at this time.

In the multi-family new construction market, 229 units were for sale in the month of November, compared to 189 homes at this time last year. That’s an increase of 21.2% and works out to 8.2 months of inventory based on closed sales and 22.9 months of inventory based on pended sales.

The average sale price of a new construction multi-family unit was $252,000 in November, which is up $5,000 from last year. The average price per square foot for the month of November was $178, compared to $159 per square foot last year at this time.

For more detailed information on New Construction Market data, contact me!