Here Today, Gone Tomorrow
Market demand sees days-on-market
drop 34% to 44-day average, showings per home double
February Real Estate Market Commentary:
Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates
may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are
multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low
3 percent range for the year.”
With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do
Closed Sales decreased 0.8 percent for Residential homes but increased 11.8 percent for Condo homes. Pending Sales
decreased 12.1 percent for Residential homes but increased 4.7 percent for Condo homes. Inventory decreased 57.0
percent for Residential homes and 38.4 percent for Condo homes.
The Median Sales Price increased 11.4 percent to $194,900 for Residential homes and 13.0 percent to $192,175 for
Condo homes. Days on Market decreased 36.8 percent for Residential homes and 16.1 percent for Condo homes.
Months-Supply of Inventory decreased 58.3 percent for Residential homes and 39.3 percent for Condo homes.
For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in
need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae
and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18
months. Qualified homeowners must already be in a forbearance plan as of the end of February.
February Year-Over-Year Quick Comparisons:
- • Last month, Realcomp imported nearly 1.9M listing records into the Realcomp MLS database as a part of our expanded data sharing efforts with MichRIC (an MLS provider on the west side of Michigan). These new records have produced an increase in February listing counts for this year and last year. Based on our review of the overall numbers, the following metrics were captured:
- New Listings were down by 20.8% from 10,570 to 8,374.
- Pending Sales were down by 10.1% from 8,872 to 7,974.
- Closed Sales were up slightly by .7% from 7,176 to 7,228.
- Listings that were both listed and pended in the same month were at 6,781. This represents 81% of the new listings for the month and 85% of the pended listings signifying the immense speed at which homes are moving from the on-market status to a pending sale (average 44 days).
- Median Sales Price was up by 11.1% from $175,000 to 194,350.
- Months-Supply of Inventory was down by 54.2% from 2.4 to 1.1.
- Average Showings per Home increased from 8.5 to 15.3.