Market Update — December 2020
It may be winter but the residential real estate market is still hot!🔥 As you can see by these (Dec. 2020) numbers, we’re still experiencing a seller’s market:
•New listings – 918 (up 8.4% from Dec. 2019)
•Active listings – 1,502 (down 52.2% compared to Dec. 2019)
•# of homes sold – 1,581 (up 29.6% compared to Dec. 2019)
What does this all mean?
👉🏻Buyers are still very motivated
👉🏻Mortgage rates are still low
👉🏻Inventory is still down (down over 50%)
👉🏻Homes are coming on the market, they’re just being sold quickly
👉🏻The number of new listings that came on the market in December is up compared to this time last year so we are seeing some movement in that area
If you’re looking to take advantage of low interest rates, become a new homeowner, downsize, upgrade, or find a home that fits your changing needs, it’s a good time but you’ll need to have a little extra patience due to the incredibly low inventory. With that said, there are some things you can do that’ll give you a better chance of getting the home you love in this competitive market (getting pre-approved is a BIG one and we can’t stress this enough).
If you’re looking to sell your home, this is a GREAT time. Supply is low and demand is high. Keep in mind, that 8.4% increase in new listings – why wait until spring when there will be even more competition? Now is a favorable time to sell on optimal terms.