In November 2011, closings year-to-date were the highest since 2005 and the second highest on record. The total volume of closed sales was up 8% over 2010, indicative of the increased activity in the price range above $1,000,000. Closed sales between $2,000,000 and $5,000,000 were up 13% through November and show a 3.7% increase in median price.
Year-to-date pended sales remain strong, showing less than a 3% decline for the period from 2010. In the month of November, the number of pended sales above $500,000 posted a 21% increase over 2010. The price segments of $500,000 – $750,000 and $1 – $2 million were the most improved, each with a 25% increase over November 2010. Four sales priced above $5,000,000 were pended in November, up from one in November 2010.
The number of properties placed on the market in November is the lowest for the month since November 2004. Active inventory on December 1, 2011, stands at 8,028 units (4,352 condominiums and 3,676 single family homes). This represents a 23% decline from December 1, 2010. Price segments showing the largest decreases in supply are condominiums priced between $2,000,000 and $5,000,000 – down 41% and single family homes priced under $250,000 – down 47% from a year ago..