A new record was set for the Median Single-Family Home prices in January 2021. The new record is, $883,000. This figure was an increase of 14.7% year-over-year and was an increase of 1.5% over last month. In comparison to January of last year, the median price for condos increased 5.4% up to $452,000. However, this figure was slightly lower (-0.7%) from the record price of last month which was, $455,000.
A low inventory of properties for sale continued to be a problem, creating some tough competition for Buyers. Single-Family homes spent a median time of just 9 days on the market before going into escrow. Condos were on the market for twice that number of days at 18. The median number of days on market for Single-Family Homes tied the record for this statistic that was set in September 2020.
In addition to going into escrow in a truly short time, the majority of Single-Family Sellers received more than their asking price with 54.6% of the sales closing at over-asking. At the same time, 30% of Condo sales closed at prices that were higher than the listing price.
New property listings usually see a bump up in the new year, however that is not the case for this year. New listings were down by 14.7% for Single-Family Homes and 5.3% for Condos. It looks as though the Sellers’ Market will continues and Buyer’s will continue having some stiff competition.
