Activity has picked up in 4Q2019 with 6 sales since the beginning of the quarter after no sales were recorded in 3Q2019. Although mid-November often leads us into a holiday season slowdown, it was actually an active month in terms of number of contracts signed and buyer activity. 9 properties are currently under contract, 2 of which have 8-figure last asking prices. The beginning of 2020 is starting to look more promising than the start of 2019 given this upward trend in activity (there were 2 sales in January 2019).
Despite the positive start to 4Q2019, sales dollar volume and average sales price are still down significantly year-over-year (37% and 13%, respectively). There were 40 sales through November 2018, and 29 sales so far this year. There were also six 8-figure sales in 2018 and there have been 3 in 2019. The total year-over-year outlook has some potential to change depending on how many of the 9 properties in contract will close before the end of the year.