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The November sales information does not include properties sold by homeowners,chanel tote, of Rountree Realty Corp. said the price drop was expected and was similar to drops in recent months What could be pushing the median price down is the lack of three-bedroom two-bathroom homes in quality neighborhoods he said As a result people are paying less for smaller homes

Meanwhile the county's inventory continued to decline during November to 3495 properties a 179 percent decrease over the same month a year ago The past 12-month inventory average is 3930 properties

The decline in inventory meant that there was just a 88 month supply of single-family homes That was down from a 10-month supply during October The supply of homes reflects a decrease which began with a 118 month supply high during March 2012 and has kept declining ever since then

Rountree predicts that if prices steadily rise inventory will again start increasing If it continues to shrink it will spur builders to start new construction to fill the void

But Rountree warned that would only happen if banks were willing to lend builders the money to build again

The number of days single-family homes were on the market also fell during November to 106 days a 131 percent decrease from November 2011 In the last year the average home stayed on the market 112 days

During November home sellers received 884 percent of their original asking price The 12-month average was also 884 percent

Another hopeful sign for Realtors is that the number of pending sales continues to swell with 472 potential sales on November's books

The number is nearly 70 percent greater than it was during November 2011 and the highest it has been for at least 12 months

Rountree said slow-moving short sales are in part behind some of the swelling pending sale inventory But mostly he said it's because more people are moving into the market while prices and interest rates are low

Contact Fred Hiers at 867-4157 or fredhiers@starbannercom

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