Key Highlights
- Prices up +13%
- Pending sales up +38%
- Total active listings down -32
Here’s a word to the wise from Redfin’s chief economist Daryl Fairweather. “…there will be very few homes from 2020 left on the market. So those who resolve to buy a home in 2021 may need to wait with bated breath for sellers to list their homes. Redfin’s forecasts suggest the new year will bring many more new listings, but they will likely be snatched up quickly. So…now is a good time to get pre-approved for a mortgage, and come up with your wish list, so you can act quickly when your dream home hits the market.”
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Fairweather went on to say, “Migration and progressive economic policies will shape the housing market in the months to come. The recent migration of Americans to affordable places like Atlanta, Phoenix and suburbs across the country has contributed to what will be a major change in fiscal and economic policy starting on January 20. While more government spending could lead to moderate mortgage-rate increases, it will also likely include programs to make homeownership affordable to more people.”
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For the first week in January 2021,
- Median sale price of homes sold increased +13% y/y to $319,000
- Median sale price in 1/2020 = $281,155
- Pending sales up +38% y/y
- New listings increased +7% from last year
- Active listings of for-sale homes fell -32% from last year
- 8% of Pending Sales under contract within 2 weeks
- Sale-to-List Price Ratio hit 99.3%
- Redfin Homebuyer Demand Index (requests for home tours and other agent services) increased +32% from pre-pandemic levels in January and February 2020
Thanks to Redfin.
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