Keller Knapp Market Report December 2020

“Home sales rose in December, and for 2020 as a whole, we saw sales perform at their highest levels since 2006, despite the pandemic." ~ LAWRENCE YUN, NAR Chief Economist, December 22, 2020

A REMARKABLE END TO 2020

EXISTING HOME SALES VOLUME • • •

+22.2% over December 2019 More than 7 out of 10 homes that were listed sold 70% of homes were on the market less than one month

SUSTAINED MEDIAN PRICE INCREASES NATIONALLY

EXISTING HOME SALES PRICE • • •

104 consecutive months of year-over year growth Up 12.9% over December 2019 Prices increased in every US region

LOW INVENTORY CONTINUES

MARKET INVENTORY OF EXISTING HOMES • • •

Inventory down 16.4% compared to November 2020.

Inventory down 23% compared to December 2019.

All time low of 1.9 months supply of homes for sale

NAR FORECAST: What’s on tap for 2021?

“Although mortgage rates are projected to increase, they will continue to hover near record lows at around 3%.

"Moreover, expect economic conditions to improve with additional stimulus forthcoming and vaccine distribution already underway” LAWRENCE YUN, NAR Chief Economist

# UNITS

3.3% Over Dec 2019

MEDIAN SALES PRICE $310,000

MSI

1.3

12.9% Over Dec 2019

Keller Knapp provides the monthly market report using data compiled from Atlanta REALTORS® Association..

DECEMBER 2020 MARKET REPORT

“Inventory in Atlanta remains a concern as the supply has declined further to 1.3 months of availability.

In an extreme seller's market, preparation is absolutely paramount for buyers facing a strong likelihood of multiple bid competition across many price points.”

CYNTHIA LIPPERT, 2021 ARA PRESIDENT

ATLANTA’S PRIMARY MARKET ISSUE IS EXTREME LOW INVENTORY