December 2020
December is normally one of the slowest months of the year but strong buyer
demand across most segments of the market, buoyed by near-record low interest
rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19
infections and a softening jobs market.
New Listings were up 28.6 percent to 1,094. Pending Sales increased 44.1 percent
to 1,137. Inventory shrank 43.9 percent to 1,477 units.
Prices moved higher as Median Sales Price was up 11.3 percent to $210,000. Days
on Market decreased 34.5 percent to 38 days. Months Supply of Inventory was
down 50.0 percent to 1.1 months, indicating that demand increased relative to
supply.
With low mortgage rates and strong buyer demand in most market segments, the
housing market of early 2021 looks to continue the trends we saw in the second half
of 2020. Low inventory and multiple offers on in-demand properties and market
segments are likely to remain common while the market waits and hopes for a boost
in new construction and a surge in home sellers to help provide more balance to the
market.
Information courtesy of CMLS*
