What happened in December?
The concluding month of 2020 did not disappoint! While we saw a slight decline in transactions from November, December’s 65 sales was still nearly double that of December 2019 (34 transactions). The total dollar volume was 2.5x what it was in December of 2019, with nearly $170M sold last month alone. Both the average and median sales priced dropped in December, but were still outperforming December of 2019. For the 5th month in a row, the number of monthly sale transactions was greater than the number of listings that came on the market, further contributing to low inventory levels amidst unprecedented demand.
The luxury market settled down a bit, with 19 transactions over $3M in December, however still accounting for about 1/3 of total transactions in December. Conversely, the under $500,000 price point saw just 1 transaction this month, a price point that did not see more than 5 transactions in any month this year. The sale to list price ratio hit an all time high of 98%, with 19 of the 65 transactions selling at or above list price! The number of condo/townhomes sales (23) finally rallied to almost even with single family home sales (26) this month. What was surprising to note is the 16 vacant lot sites that sold in December accounts for 3x the number of land sales in December of 2019. With the amount of land that sold this year, we can speculate that general contractors have a bright outlook for 2021!