| Real estate pros are slowly adapting to the new residential market, with 4Q a continuation of 3Q’s increased sales activity, declining inventory, and price stabilization. These findings are from Prudential Douglas Elliman’s quarterly analysis, prepared by Miller Samuel’s Jonathan Miller, who says future conditions will be determined by unemployment declines, shadow inventory resolution, and consumer access to credit. Average sale price was down 12.7% to $1.3M year-over-year, although price PSF was up 18.1% to $1,176 from 3Q. Listing inventory declined, while days on market are up to 204 days, up from 159 days this time last year. |
RESIDENTIAL REDUX
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Jonathan Miller
, Miller Samuel
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