Hello again! What's our theme for this month's recap? Let's just say things got interesting...
We knew there was potential for November numbers to be unique-- a presidential election, COVID spikes across the nation (particularly right here in the Twin Cities), and the entry to winter. What we didn't know was whether or not this progressing Seller’s market could help out buyer demand by going against historical November slow downs, and provide a healthy amount of listings to hopefully balance things out. Did that happen?
No. No it did not...
November 2020 brought some of the steepest dips we've seen all year. While normally this wouldn't be a huge surprise, considering the market almost always slows down toward the holidays, it seems surprising this year given the fact that holidays, gatherings, school, shopping all look so different at this time. Let's take a peek at the charts and see where things came in.
New Listings took a huge tumble. Like, seriously huge. In one month, we basically went back in time and are seeing pre-January numbers. Month by month, we have been sitting around 7,000 new listings since spring, and November rang in at just over 3,500. Days on Market went up by about a day which shows the demand is still there, and Median/Average Sale Prices only went down slightly.
Months Supply and Total Units Sold both also showed their largest declines of 2020, which makes sense given the shortage of New Listings. Total Units Sold was at its peak in October, and dipped by over 2,000 sales...wow.
The main question going into this month is, "is quarter four of 2020 going to be drastically different than previous years, given all of the current events going on?" The answer to that seems to be - not really. Numbers always decline heading into winter, and this year ultimately doesn't seem that different. Although most numbers across the board are still higher than previous years, I wouldn't expect this winter to be drastically different as we may have thought during the fall.
Thanks again for checking out our monthly recap for November 2020, and as always, if you're looking to make a real estate move anytime soon, be sure to lock arms with one of our amazing real estate agents here at VIBE to help you navigate this rapidly changing market. You'll be glad you did.
Written by Steve Anderson, Broker at VIBE Realty
