December Again Sees Year-Over-Year Median Sales Price Increase
Year-to-Date Numbers Reflect 2021 Outpacing 2020
December – National Real Estate Commentary
The 2021 housing market was one for the history books. After three consecutive months of increases recently,
existing home sales are on pace to hit their highest level in 15 years, with an estimated 6 million homes sold in
2021 according to the National Association of REALTORS®. Sales prices reached new heights, inventory hit rock
bottom, and homes sold in record time, often for well above asking price. Mortgage rates, which began the year
at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see
plenty of buyer activity due to pent-up demand during the pandemic.
Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a
more moderate level. Strong buyer demand and inventory shortages are likely to persist over the next year.
Home sales are projected to remain strong but will be tempered by the limited supply of homes, higher sales
prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Price
growth is expected to slow somewhat as a result, but affordability will likely remain a top constraint for some
December – Local All MLS Numbers
Closed Sales decreased 13.2 percent for Residential homes and 3.8 percent for Condo homes. Pending Sales
decreased 6.3 percent for Residential homes but increased 3.4 percent for Condo homes. Inventory decreased
11.4 percent for Residential homes and 36.5 percent for Condo homes.
The Median Sales Price increased 10.0 percent to $220,000 for Residential homes and 9.9 percent to $210,000
for Condo homes. Days on Market decreased 33.3 percent for Residential homes and 45.5 percent for Condo
homes. Month’s Supply of Inventory decreased 15.4 percent for Residential homes and 45.0 percent for Condo
December – Local All MLS Numbers - Cont’d
- • Median Sale Price was up by 9.9% from $200,000 to $219,900.
- • The average days on market (DOM) decreased by 34.8% from 46 to 30 days.
- • The average % of the last list price received increased by 0.6% from 98.9% to 99.5%.
- • New Listings decreased by 9.3% from 7,814 to 7,086.
- • Average Showings per Home decreased from 9.4 to 9.0.
- • Pending Sales were down by 5.2% from 8,147 to 7,727.
- • Closed Sales were down by 12.2% from 11,880 to 10,429.
- • Listings that were both listed and pended in the same month were at 3,265. This represents 46% of the new listings for the month and 42.3% of the pended listings.
- • Months-Supply of Inventory was down by 21.4% from 1.4 to 1.1.
December 5-Year Perspectives -- Local All MLS Numbers
December YTD Totals – Local All MLS Numbers
- The average days on market (DOM) decreased by 47.3% from 55 to 29 days.
- The average % of the last list price received increased by 2.1% from 98.6% to 100.7%.
- New Listings increased by 2.0% from 152,454 to 155,504.
- Pending Sales were up by 2.9% from 128,262 to 131,995.
- Closed Sales were up by 4.5% from 126,342 to 132,070.