Welcome to another edition of Mark's Market Update!
We’re in mid-January, and what happened in 2020?
✅We ended the year with the lowest inventory levels in the last 10 years ~ Less than 1.5 months of inventory in the markets that we follow.
✅That is a severe sellers' market.
✅A buyers' market would be about 7 months of inventory.
✅Prices increased 20%+ year over year in many areas/subdivisions
Evaluating the first 10 days of January- 2021 vs 2020
✅We continued to see inventory weakness, that is consistent with full year 2020. We saw a decrease in sales (closed homes) 2021 vs 2020 in the first 10 days of 25%
✅Corresponding prices were up significantly. ranging up from 10-15%
✅ Classic Supply and Demand, with weakness…