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, continues to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
New listings increased 13.6 percent for residential homes and 48.7 percent for townhouse/condo homes. Pending sales increased 13.6 percent for residential homes and 54.7 percent for townhouse/condo homes. Inventory decreased 36.8 percent for residential homes and six percent for townhouse/condo homes.
Median sales price increased 15.8 percent to $235,000 for residential homes and 7.9 percent to $178,000 for townhouse/condo homes. Days on market decreased 26.5 percent for residential homes and 17.6 percent for townhouse/condo homes. Months supply of inventory decreased 43.5 percent for residential homes and ten percent for townhouse/condo homes.
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.
