2020 ended with exceptionally high demand from homebuyers, according to latest HouseCanary report
Increased Demand From Homebuyers Shows No Signs of Slowing, with Listings Under Contract Up 19.2% Year-Over-Year
New Listing Volume Declined 10.0% Year-Over-Year, Highlighting That Supply Remains Tight Heading Into 2021
Since the Onset of the COVID-19 Pandemic, the Median Price of Closed Listings Has Increased Across 38 Out of 39 States
SAN FRANCISCO–(BUSINESS WIRE)–HouseCanary, Inc. (“HouseCanary”), a leading provider of residential real estate data and home valuations, today released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between the week ending March 13, 2020 through the end of December versus the same period in 2019. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.
Jeremy Sicklick, Co-founder and Chief Executive Officer of HouseCanary, commented: “December closed out a remarkable year in the national housing market. Following the precipitous onset of COVID-19, which initially rocked every sector, the housing market soon saw the return of home sales activity and renewed confidence among buyers and sellers alike. Across the country, demand remained profoundly high even as shrinking inventory levels outpaced cyclical norms. As we enter 2021, several policy and regulatory changes may take hold and significantly impact the housing landscape following the outcome of the Georgia Senate runoff elections and the transition of the Presidency. In the near-term, however, we anticipate that homebuyer demand will remain elevated as overall listings continue to lag and borrowing rates remain at historical lows.”
Select findings from this month’s Market Pulse are below. Be sure to review the Market Pulse in full for extensive state-level data.
Monthly New Listing Volume (Single-Family Detached Homes):
- For the month of December, new listing volume is down 10.0% year-over-year
- Percent change in new listing activity since the week ending March 13 through the end of December versus the same period in 2019, broken down by home price:
- $0-$200k: (-27.1%)
- $200k-$400k: (-8.8%)
- $400k-$600k: +2.4%
- $600k-$1mm: +8.9%
- >$1mm: +12.3%
Total Net New Listings:
- In the month of December, there were 133,461 net new listings placed on the market, representing a 26.4% increase compared to December 2019
- The decline in new listing volume was more than offset by a 48.9% decrease in removals over the same period
- Since the week ending March 13 through the end of December, there have been 2,406,658 net new listings placed on the market, which is a 1.7% decrease versus the same period in 2019
- Percentage of total net new listings since March 13, broken down by home price:
- $0-$200k: 22.3%
- $200k-$400k: 44.7%
- $400k-$600k: 17.8%
- $600k-$1mm: 10.2%
- >$1mm: 5.0%
Listings Under Contract:
- Since the week ending March 13, 2,754,366 properties have gone into contract across 41 states, representing a 6.1% increase relative to the same period in 2019
- Percentage of total contract volume since the week ending March 13, broken down by home price:
- $0-$200k: 22.9%
- $200k-$400k: 44.7%
- $400k-$600k: 17.7%
- $600k-$1mm: 10.0%
- >$1mm: 4.7%
Monthly Contract Volume (Single-Family Detached Homes):
- For the month of December, there were 232,844 listings that went under contract nationwide, which is a 19.2% increase year-over-year
- Percent change in contract volume year-over-year, broken down by home price:
- $0-$200k: (-7.1%)
- $200k-$400k: +17.5%
- $400k-$600k: +40.9%
- $600k-$1mm: +60.0%
- >$1mm: +82.0%
- The total volume of listings going into contract since the week ending March 13 through the end of December versus the same period in 2019, broken down by home price:
- $0-$200k: (-13.2%)
- $200k-$400k: +6.6%
- $400k-$600k: +21.1%
- $600k-$1mm: +29.2%
- >$1mm: +32.7%
Median Listing Price Activity (Single-Family Detached Homes):
- Relative to the start of the COVID-19 pandemic, the median price of closed listings has continued to rise across 38 out of 39 states
- The most notable month price surges relative to the week of March 13 include:
- Vermont: +37.9%
- New York: +32.7%
- New Jersey: 25.5%
As a nationwide real estate broker, HouseCanary’s broad multiple listing service (“MLS”) participation allows us to evaluate listing data and aggregate the number of new listings as well as the number of new listings going into contract for all single-family detached homes observed in the HouseCanary database. Using this data, HouseCanary continues to track listing volume, new listings, and median list price for 41 states and 50 individual Metropolitan Statistical Areas (“MSAs”).
About HouseCanary:
Founded in 2013, valuation-focused real estate brokerage HouseCanary provides software and services to reshape the real estate marketplace. Financial institutions, investors, lenders, mortgage investors, and consumers turn to HouseCanary for industry-leading valuations, forecasts, and transaction-support tools. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.
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