Published January 31, 2020
The Latest Numbers From Our Market
I’m sharing how our December 2019 market fared and what that means for you in 2020.
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It’s time to take a look back on our December 2019 numbers and what they mean for the current market. In December 2019 inventory decreased by 34.6% from December 2018. That’s probably the lowest inventory number I’ve seen in the past 12 years. The absorption rate, which is the number of months it takes to exhaust that inventory, is 1.7 months (down 37%).
New homes that come onto the market aren’t sticking around for very long.
With that being said, new listings were down 15.7%, pending sales increased 16.3%, and closed homes were up 16.7%. The average home sale price went up 7.6%, and the median sale price is also up 7.6%.
What do all these numbers mean? They mean that sellers currently have increased home values and can get them sold in a timely fashion. For buyers, this means they need to have things ready to go: your pre-approval letter written, your team in place, and the ability to move quickly. New homes that come onto the market aren’t sticking around for very long.
If you have any other questions about our market or real estate in general, feel free to give me a call or send me an email. I would love to help you.
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