From Mike Dodge, Director of Market Research, John R. Wood Properties
More sales closed in November of 2020 than during any other November on record. 2,875 sales were posted, up 49.8% from the same month last year. This brings year-to-date sales to 28,100, up 13.7% from the same period in 2019 and surpassing the total number of sales posted for all of last year. For the twelve-month period through November 30, 30,489 sales were posted, up 15.2% from the preceding twelve-month period.
Although year-over-year new listings were up 13.4% June through September, the rapid pace of sales during that period continued to deplete listing inventory. For October and November, year-over-year new listings were down by 16%. This, combined with continued robust sales, brought inventory down by 10% over that two month timeframe. As of November 30th, there were 7,099 units on the market with 2.79 months of supply.
We head into season with sales occurring at a record pace, and a shortage of listing inventory. Sellers are clearly in a strong position, and would-be sellers who are considering entering the market should take heed to the current unprecedented market conditions. Given the pace of sales, it’s clear that buyers are finding this to be a good time to enter the market.