Market Update

December 2020 Market Update


Monthly market data for December 2020.

Every month, updated statistics are available from the NWMLS showing prior months real estate market activity. We will publish the most relevant statistics, like price increases/decreases, days on market, and inventory levels, for the market areas we serve. Don't see your area/neighborhood or have questions on what any of these numbers mean? Just reach out!

Historically low inventory levels of single family homes across the region and low interest rates leave us poised for a hot spring market, not that it ever really cooled down. For reference at the national level, we would consider it a balanced market at 6 months of inventory. Less than that, it's a sellers market. More than that, it's a buyer's market. Currently there is less than 1 month of inventory, so it's an extremely strong seller's market. Well-priced and properly-positioned homes are selling well above asking price, often going under contract before their offer review date.


Zooming down from the county level to the metro level, we can compare the single family market to the condo market. Inventory levels are still following the same pattern for both categories of home, but the market has swung much more in favor of buyers for condos, when compared to single family homes. Current pandemic conditions have temporarily shifted that balance, giving condo buyers an incredible opportunity to enter a softened condo housing market. I agree with the majority of experts who expect this to shift back in favor of sellers as soon as social distancing restrictions ease and people begin returning to the workplace. People miss the convenience, efficiency, entertainment, and socializing that the city offers.


Questions? Please reach out, I'm always happy to help!

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