Real Estate Market Report - January 2021

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 increased 18.2 percent for Residential homes and 46.6 percent for Townhouse/Condo homes. Pending Sales increased 22.1 percent for Residential homes and 41.6 percent for Townhouse/Condo homes. Inventory decreased 34.9 percent for Residential homes and 8.0 percent for Townhouse/Condo homes. 
Median Sales Price increased 11.1 percent to $200,000 for Residential homes and 7.5 percent to $174,720 for Townhouse/Condo homes. Days on Market decreased 25.8 percent for Residential homes and 18.0 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 41.4 percent for Residential homes and 13.0 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 indemand 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.