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Market Report - December 2020

 

Market Report - 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 12.6 percent to 401. Pending Sales increased 35.0 percent to 413, the seventh consecutive month of year-over-year gains. Inventory shrank 51.3 percent to 1,030 units.


Prices moved higher as Median Sales Price was up 8.3 percent to $380,850. Days on Market decreased 14.3 percent to 126 days. Months Supply of Inventory was down 62.2 percent to 1.7 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.

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