HouseCanary, a ReferralExchange partner, has published its Market Pulse report for the month of November, 2020. As a nationwide brokerage, HouseCanary works with over 200 MLS providers across the country, able to provide advanced measurements and analysis to ongoing market changes. The unique extremes of low inventory and high demand, exasperated by the pandemic, continued through the month of November.
Demand remained high last month, with the total number of listings under contract at 296,148, an increase of 14.2% compared to November of 2019 (259,379). Additionally, there was also a slight gain in net new listings (increase of 13,064) year to year, however this increase was offset by the existing low inventory compared to the previous year (23,705 fewer).
While the total number of listings moving under contract is higher than in 2019, these gains were not equitable across price tiers. Compared to the same month last year, contract volume for properties up to $200,000 was actually down 10.5%, while properties between $200k- $400k, $400k-$600k, $600k- $1m, and $1m+ all saw substantial gains of 14%, 32%, 48.6%, and 59.3%, respectively.
Year to year since the beginning of the pandemic, net new listings, inventory, and listings under contract all show a similar trajectory when compared to the previous year (3/13/20 through week ending 11/27/20, compared to 3/15/19 through 11/29/19). The total number of listings moving under contract grew from 2,395,250 in 2019 to 2,504,848 in 2020, an increase of 109,598, or 4.6%. Conversely, net new listings in this 38 week span decreased in 2020 compared to 2019, dropping from 2,334,134 to 2,214,922 respectively, a loss of 119,212 listings, or 5.1%.
The graphic below demonstrates what this compounded seller’s market looks like across states for single family listings, as the lack of inventory is imbalanced across the country, with 5 states actually trending in the opposite direction in the 38 weeks since March 13th. HouseCanary’s data shows this supply deficit exists in 35 states, with Florida, Texas, Illinois, California, Georgia, and North Carolina experiencing the most significant supply shortages.
For additional information about other measures analyzed in the report, including changes in new listing median prices, closing prices, and a further examination of state level date, check out the full downloadable report from HouseCanary.