RE/MAX National Housing Report for December 2020

Beth McCandry

DENVER, January 19, 2021 / PRNewswire / – December home sales rose 6.2% versus November and 21.9% year over year. This reached a record-breaking second half of 2020, setting new monthly benchmarks for the most sales, highest price, lowest inventory, and fastest closings.

Although December is usually a month with less sales, December 2020 Ranked 5th in the highest number of home sales of the year – and its sales exceeded all but two months of 2019.

“The very strong sales figure in December – over 20% higher than a year earlier – reflects how frenzied the market was when we entered 2021. And if you look at the entire last half of the year, you see sky-high demand for housing across the board Country “said Adam Tales, CEO of RE / MAX Holdings, Inc. “Buyers reject the potential constraints of rising prices and limited inventory to boldly advance their plans to buy and own a home. We think this says a lot about the continued appeal of home ownership.

“A lot of people want to own their home, not rent it, and the low interest rate environment helps them do that. We expect more sellers to come into the market this year as they take advantage of the convenient terms and mobility of remote working that would go along with the growth in construction, help create more options for buyers, which could lead to a potentially very big year of sales. “

17.9% decrease compared to November 2020 and 33.0% of December 2019, December 2020 set a record low for inventory levels in the report’s 13-year history. Several new December records have also been set:

  • Average market days of 37, over two weeks less than the 53 days a year ago.
  • Median sales price of $ 290,000 – 9.4% increase over the previous year.
  • Inventory months at 1.8, which is less than half of the 3.9. December 2019 was.

After the first impact of the pandemic on the real estate market last spring and early summer, 2020 saw a number of high points in the report’s history:

  • Home Sales: 5 of the top 10 sales months since 2008 were in 2020 – July (the new record), August, September, October and December
  • Inventory: 7 of the top 10 months with the lowest inventory; August through December were the five lowest months in the report’s history, with inventory levels each month lower than the previous month
  • Market Days: 5 of the top 10 months with the fewest market days in the report; September through December include the four months with the fastest average time for listing for sale
  • Median sales price: 9 of the top 10 months with the highest mean sales price; at the $ 290,000, August, November and December with the highest score in reporting history

Highlights and the local markets carry different metrics for December 2020 lock in:

Closed transactions
Of the 53 metropolitan areas examined in December 2020The average total number of home sales increased compared to 6.2% November 2020and an increase of 21.9% compared to December 2019. The leading factor was the percentage increase in sales compared to the previous year Los Angeles, California at + 42.7%, New York, NY at + 40.6% and Hartford, CT at + 39.0%.

Median Selling Price – Median of 53 Metro Median Prices
in the December 2020The median of all 53 Metro median sales prices was $ 290,000, flat from November 2020and by 9.4% versus December 2019. In none of the metropolitan areas did the average sales price fall compared to the previous year. Thirty-six metro areas rose double-digit year-over-year, led by Augusta, me at + 26.6%, Boise, ID at + 23.8% and Detroit, MI at + 19.2%.

Days on the Market – 53 subway areas average
The average market days for houses sold December 2020 was 37, one day higher than average in November 2020 and 16 days after the average in December 2019. The metro areas with the lowest market days were Omaha, NE with 17 and a two-way connection between Boise, ID and Cincinnati, OH at 19. The highest days on the market were averages Des Moines, IA at 93, Miami, Florida at 84 and New York, NY at 71. Days on Market is the number of days between first adding a home to an MLS and signing a sales contract.

Monthly Inventory – 53 Metro Areas Average
The number of houses for sale in December 2020 was 17.9% lower than November 2020 and by 33.0% of December 2019. Based on the rate of home sales in December 2020The monthly inventory decreased to 1.8 inches versus 2.1 inches November 2020 and decreased compared to 3.9 in December 2019. A six month offer indicates a market that is equally balanced between buyers and sellers. in the December 2020Of the 53 metro areas examined, two are metro areas, Miami, Florida and Indianapolis, IN reported a monthly listing at or above six in what is usually considered a buyer’s market. The markets with the lowest monthly inventory were interconnected Albuquerque, NM and Boise, ID at 0.6 and Salt Lake City, UT at 0.7.

For specific dates in this report or to request an interview, please contact [email protected].

Via the RE / MAX network
As one of the world’s leading real estate franchisors, RE / MAX, LLC is a subsidiary of RE / MAX Holdings (NYSE: RMAX) with over 135,000 agents in more than 110 countries and territories. Nobody in the world sells more real estate than RE / MAX when measured by the transaction pages of residential real estate. RE / MAX was founded in 1973 by David and Gail LinigerWith an innovative, entrepreneurial culture that offers its agents and franchisees the flexibility to run their businesses with great independence. RE / MAX agents have lived, worked, and served in their local communities for decades, raising millions of dollars each year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE / MAX, search for home listings, or find an agent in your community, please visit www.remax.com. For the latest news on RE / MAX, visit news.remax.com.

description
The RE / MAX National Housing Report is distributed each month on or around the 15th. The first report was distributed in August 2008. The report is based on MLS data in approximately 53 metropolitan areas, covers all types of residential property, and is not annualized. For maximum representation, many of the largest subway areas in the country are represented and an attempt is made to include at least one subway from each state. The metropolitan area definitions, with a few exceptions, include the specific counties established by the US Government Bureau of Administration and Budget.

Definitions
Transactions is the total number of completed transactions in residential areas during a given month. The monthly inventory offer is the total number of residential properties offered for sale at the end of the month (current inventory) divided by the number of (outstanding) sales contracts signed during the month. When “outstanding” data is not available, this calculation is performed using closed transactions. Days on Market is the number of days it takes from listing a property to signing a contract for all residential properties sold during the month. The median selling price is the median of the median selling prices in each of the metro areas included in the survey.

MLS data is provided by contracted data aggregators, RE / MAX brokers and regional offices. Although MLS data is believed to be correct, this cannot be guaranteed. MLS data is constantly updated so that each analysis is a snapshot at a specific point in time. The RE / MAX National Housing Report recalculates the data from the previous period every month to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.

SOURCE RE / MAX, LLC

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