December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
New Listings were up in the Charlotte region by 18.2 percent to 3,383. Pending Sales increased 33.9 percent to 3,808. Inventory shrank 55.0 percent to 3,860.
Prices moved higher as Median Sales Price was up 9.9 percent to $291,200. Months Supply of Homes for Sale was down 60.0 percent to 0.8., indicating that demand increased relative to supply.
With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
Current as of January 5, 2021. All data from Canopy MLS, Inc. Report provided by the Canopy Realtor® Association. Reprinted from December 2020 CRRA Monthly Indicators.