January started off strong for the housing market, with healthy buyer demand and strong market fundamentals.
A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.
New Listings increased 2.1 percent for Single Family homes and 16.1 percent for Townhouse-Condo homes. Pending Sales increased 31.3 percent for Single Family homes and 23.5 percent for Townhouse-Condo homes. Inventory decreased 44.0 percent for Single Family homes and 20.1 percent for Townhouse-Condo homes.
Month’s Supply of Inventory decreased 52.2 percent for Single Family homes and 21.4 percent for Townhouse-Condo homes.
Median Sales Price increased 18.5 percent to $203,500 for Single Family homes and 1.2 percent to $131,500 for Townhouse-Condo homes.
Days on Market decreased 30.6 percent for Single Family homes but increased 76.7 percent for Townhouse-Condo homes.
The Mortgage Bankers Association’s January research estimates approximately 2.7 million homeowners with mortgages are currently in forbearance plans. Some of these homes may eventually come to market, but given strong appreciation in most market segments in recent years, these eventual home sales are likely to be mostly traditional sellers. However, a modest increase in short sales and foreclosures at some point this year would not be surprising.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
