“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