January 12, 2020 at 2:38pm | Shauna Gut

January 2020 Market Report


Happy New Year and New Decade from Elite Home Finders. We hope your 2020 has started off in a great direction. 


For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset and the market you are in. You deserve an expert guide. Here are the top things you need to know as we enter the new year.




Median Sold Price is on the Rise


Like the Bad Moon, Median Sold Price is on the rise.  This past quarter showed us a very optimistic real estate market when measuring Median Sold Price. An increase of over 2.5% since August gives homeowners a nice bump in equity.





The Perfect Storm


The Number of Homes Sold is up 8.4% from last month. The Number of New Listings is down 25.5% from last month. 

Which, thanks to good ‘ol supply and demand, the homes on the market sold in greater quantities and for a higher Median Sold Price than in November … 2.0% higher to be exact. 

When we are talking about the price of homes, that’s a pretty substantial increase for a single month’s time. 

Let’s take a look back at our handy dandy graph.

This month, we see the Number of Homes Sold (2,609) has once again in December surpassed the Number of New Listings (2,001).

As predicted, December proved to be the perfect storm in home selling activity.



Real Estate Market Highlights





Single-Family Home Stats

December

2019 vs. 2018

Analysis

YoY = Year over Year

Median Sold Price


$312,990

Up 6.0% YoY


Wow! We saw a huge spike in Median Sold Price this month. Who says December is a bad month to sell?

Number of Single-Family Homes Sold


2,609

Up 21.8% YoY

December 2019 has been on a roll! 200+ more homes sold in December than in November this year. Meaning buyers were ready to act, despite the colder, holiday season.

Number of New Listings


2,001

Down 14.3% YoY

This month (December), we are still seeing the steady decline of new listings as we close out 2019. When we view January’s stats next month, we’ll see the expected surge of New Listings.

Months on Hand / Months of Inventory


2.1 Months

Down 31.3% YoY

Yikes! All those home sales, combined with drastically less new listings, sunk our inventory levels down to 2.1 Months on Hand. But, we expect next month to increase our inventory levels and steady the market.

*The month depicted in the statistics is December 2019. The month of January stats are still in progress and upon its completion, January stats will be made available in February’s report.



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