Inventory dipped to a jaw-dropping 6 days (0.2 months). Buyer demand has been unseasonably high and there simply aren’t enough homes for sale. For the homes that sold quickly, about two-thirds of the listings, they sold 14% over asking price. This is a jump from the previous months which were 11% and 12% range. Bottom line, the market is NOT experiencing our normal seasonal slowdown. Not sure what to expect for January, which is when the market usually takes off. I certainly don’t anticipate a slowdown in the next couple of months. Interest rates are the wild card, but even an increase (and they will go up slowly) shouldn’t impact the market significantly with this level of demand.
December 10, 2021