December usually is one of the slowest months of the year for real estate. But strong buyer demand and near-record low-interest rates allowed for a healthy sales pace in December 2020.
New Listings in the Milwaukee region increased by 3.5% to 940. Closed Sales increased by 24.8% to 1,604. Inventory levels fell 17.6% to 2,327 units.
Prices continued to gain traction. The Median Sales Price increased by 4.6% to $240,500. Days on Market was down 31% to 29 days. Sellers were encouraged as Months Supply of Inventory was down 22.2% to 1.4 months.
With low mortgage rates and strong buyer demand in most markets, the housing market in early 2021 will potentially follow the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and markets will likely remain common. Simultaneously, the market will probably wait and hope for a boost in new construction and a surge in home sellers to help provide more balance to the market.
All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by ShowingTime. The views and opinions expressed in this article are those of the authors and should reflect only on trends that affect real estate economics.