SINGLE-FAMILY HOMESPRICE SURGE DECELERATES IN JANUARY
The surge in pricing during the second half of 2020 continued to price some buyers out of the market. The lack of affordability combined with seasonal factors typical of January had a moderating effect on pricing. Sales volume decreased by 21% compared with the previous month, on par with much of the region. As sales slowed, the share of homes sold above asking decreased and the average days on market increased for the first time in six months.
CONDOMINIUMSPRICING RECOVERY CONTINUES
The median price increased for the fifth consecutive month, increasing by nearly 2% in January. Despite the slight drop off in sales activity, buyer demand remained somewhat resilient even as consumer preferences for larger living spaces shifted some potential buyers to the single family market. With nearly 13,000 active condo listings, potential buyers often have a range of options and the share of condos sold above asking remained relatively low.
