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The downward trend in the number of active SFR listings continued in August 2020, down 11% from July and down 55% from this time last year. Strong demand (aided by low interest rates) and a low supply of homes relative to previous years is resulting in
a strong seller's market and a decrease in the number of days that listings sit on the market before being sold.
Number of Active Listings
Number of active single-family listings is down 55% YOY and down 11% MTM.
Number of New Listings
The number of new listings is down 8% YOY and down 13% MTM, and the homes that do enter the market are selling quickly.
Average Days to Sell
The average days to sell hit its lowest point going back to 2016 (and possibly further). You can see on the chart how cyclical the average days to sell can be. It tends to start high at the beginning of the year, drop in the beginning half of the year, and then head higher in the last half of the year. We haven't seen that correction yet.
The average days to sell is inversely correlated with the number of new listings. Generally speaking, as new listings increases, days to sell decreases, and vice versa. If the trend continues, we should start seeing a downward trend in new listings and an upward trend in days to sell.
Median Days to Sell
Number of Sales
Single-family home sales are up 9% from August 2019 and are virtually unchanged from last month. Sales numbers are strong but active listings are down because of strong demand.
Days on Market and Price
Average Sale Price vs Average List Price
Single-family homes are currently selling for 92% of list price on average (down from 96% in July but up from 90% in June).