December 2020 Highlights
- There were 3,187 homes sales in December, a 15.2% increase over December 2019.
- Median sales price for the month was $267,000, or 11.3% more than the $240,000 median a year ago.
- Average sales price was $331,242, up 14.6% from $288,931 in December 2019.
- Months’ supply of homes for sale closed out at 1.5, down sharply from 3.2 months’ supply a year prior. With a balanced market considered to be between five- and six-month of supply on hand, an inventory of only 1.5 months is exceptionally low.
- The percent of properties that sold above the original listing price was 18.6%, 55% higher than December 2019.
- Homes sold in an average of 52 days, or 26.8% quicker than 71 days in December 2019.
2020 Annual Report Highlights
- There were 34,932 closed sales, up 8.2% from 32,289 sales the prior year.
- Median sales price was $255,000, up 9% from 2019s $233,990.
- Average price was $309,001, an increase of 11.8% from $276,377 in 2019.
- There were 40,408 new listings added to the market during the year, down 1.8% from 41,130 in 2019.
- Inventory of homes at year-end 2020 was 4,549, an extreme drop from 8,569 a year prior.
- The percentage of properties sold that were lender-mediated was 2.8, down from 4.7% in 2019.
- Homes stayed on the market an average of 64 days in 2020 versus 67 days in 2019.
2021 NEFAR President Missi Howell said, “2020 was a wild ride in many areas, and that certainly included housing sales. Despite the coronavirus raging throughout a large chunk of the year, and Realtors working under substantially different protocols as a result, the end result was a clear demonstration from buyers of the vital importance of housing.”
