FEBRUARY 2021 MARKET MINUTE
“Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market." ~ LAWRENCE YUN, NAR Chief Economist, February 19, 2020
A REMARKABLE END TO 2020
EXISTING HOME SALES VOLUME • • •
+23.7% over January 2020 Avg DOM was 21 days; down from 43 days in January 2020 71% of homes were on the market less than one month
SUSTAINED MEDIAN PRICE INCREASES NATIONALLY
EXISTING HOME SALES PRICE • • •
107 consecutive months of year-over year growth Up 14.1% over January 2020 Prices increased in every US region
LOW INVENTORY CONTINUES
MARKET INVENTORY OF EXISTING HOMES All time low of 1.9 months supply of homes for sale continued in January, consistent from the previous month. However, inventory was down from 3.1 months supply a year ago at this time.
INVENTORY. INVENTORY. INVENTORY.
“Sales easily could have been even 20% higher if there had been more inventory and more choices."
LAWRENCE YUN, NAR Chief Economist
# UNITS
1.0%
Over Jan 2020
MEDIAN SALES PRICE $309,000
MSI
1.2
Down 48.5% from January 2020
17.9%
Over Dec 2020
Keller Knapp provides the monthly market report using data compiled from Atlanta REALTORS® Association..
January 2021
“Average and Median prices are up almost 18% which means already low inventory levels in lower price points will continue to dwindle, putting further strain on entire segments of the market.” CYNTHIA LIPPERT, 2021 ARA PRESIDENT
ATLANTA MARKET STATS
ATLANTA’S PRIMARY MARKET ISSUE IS EXTREME LOW INVENTORY
“As the gap between supply and demand continues to widen, we should be mindful of the more pronounced effect of this trend on affordable housing and its impact on the local economy.” ~ CYNTHIA LIPPERT, 2021 ARA President, February 18, 2021
LOCAL REAL ESTATE EXPERTISE… LIKE ONLY A NEIGHBOR CAN.