Jackson Real Estate Market Strong in November
Posted by John Lockwood on December 3rd, 2006
Sales of residential real estate in Jackson put in a strong showing in November, with at least modest gains in most indicators and fairly modest inventory by recent standards.
This November’s sold homes were bigger than last year, averaging 1914 square feet as opposed to last year’s 1771 square feet. Even adjusted for square footage, however, homes achieved a modest 1.4% increase in price from last year. The average sold price rose more dramatically, of course, from $387,812 last November to $424,866 this November. Unit volume was also up this year, from eight units in November of 2005 to 9 units in November 2006. With 75 active listings, inventory is 8.3 months worth, which is fair to good given the overall market and time of year.
The only bad news in Jackson’s market data were a slight decline in median sale price, from $404,250 last year to $396,500 this year, a 1.9% drop, and a more marked increase in average days on market before a home was sold, up 64.8% from last year’s 88 days to an average this November of 145.