Monthly Market Indicators
December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
New Listings in the Harrisburg region decreased 18.8 percent to 13. Closed Sales were up 57.1 percent to 22. Inventory levels fell 40 percent to 30 units.
Prices continued to gain traction. The Median Sales Price increased 25.8 percent to $280,000. Days on Market was up 39.5 percent to 87 days. Sellers were encouraged as Months Supply of Homes for Sale was down 40.0 percent to 1.4 months.
With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
Housing Supply Overview
December is normally one of the slowest months of the year but strong buyer demand across most segments of the market continue to drive a healthy sales pace, while listing inventory continues to remain low overall. For the 12-month period spanning January 2020 through December 2020, Closed Sales in the Harrisburg region were up 40.7 percent overall.
The overall Median Sales Price was up 6.9 percent to $244,900.
Market-wide, inventory levels were down 40 percent. The construction type that lost the least inventory was the Previously Owned segment, where it decreased 41.9 percent. That amounts to 1.7 months supply for Single-Family homes and 2.1 months supply for Condos.