Pending home sales report shows robust market
|Sellers accepted 660 offers in December. That’s 200 fewer than during November but 155 more than December last year.|
“There is some month-over-month seasonal slowing, but it’s nothing to worry about,” Northeast Tennessee Association of Realtors (NETAR) Kristi Bailey said. There were more new pending sales than last year, and buyers are still competing for a shrinking number of new listings.
Pending sales are a leading indicator of housing activity based on accepted offers for single-family homes, condominium, and townhome resales in the area monitored by the NETAR Home Sales Report. Since resales go under contract 30 to 60 days before the sale is closed, pending sales typically lead existing-home sales by about two months.
The market ended 2020 with a solid 8.4 percent sales increase and a 13.01 percent average sales price increases. That momentum, driven by low mortgage rates, strong demand, and a tight inventory, is carrying into 2021.
Active listings sank to a new low of 1,373 in December. That’s down by almost half from last year. The region had a 1.9-month supply of homes on the market compared to 3.9 months last year.
December’s median listing price of was $189,900 compared to $179,900 last year. The median is the point where half of the listings had a higher price, and half had a lower price.
The median sales price of $178,000 was $28,000 higher than December last year.Last month’s average sales price of $210,197 was $34,258 higher than last year.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us