C.A.R. Research Analyst Guillermo Flores shares the latest home sales numbers in our area with members of the Citrus Valley Association of REALTORS®.
The monthly C.A.R. report went out on Thursday, Dec. 17, and included numbers for November sales.
“Sales still remain elevated although the market is starting to show signs that it may be cooling off,” said Guillermo. “We believe it’s both as a result of the recent spike in COVID-19 cases and people opting to abide by the shelter-in-place government orders, and also as a result of typical seasonality behavior as we enter the winter months.
“Nevertheless,” he adds, “the housing market continues to sizzle as sales reached a level not seen in 15 years. What we have lost in March-May have already fully recovered. And it looks like we will be up year-over-year again in December.
Guillermo said we’re seeing 2020 will end with a positive note, “and that’s something unexpected at the onset of the pandemic.”
How much of the momentum will get carried over to 2021?
“That’s the million dollar question,” he said.
“Unfortunately, inventory continues to be in short supply and the relentless demand for housing in time where interest rates continue to hit historic record lows, is resulting in a lot of competition, very little discounting and keeping prices elevated.”
Guillermo encourages CVAR members to read what 2021 C.A.R .President, Dave Walsh and SVP & Chief Economist Leslie Appleton-Young had to say about the market in the November Sales & Price press release.
“As always,” he adds, “you may also download and share our City & County reports available in our Interactive Market Stats section of the car.org website, and don’t forget to check our Coronavirus website for the latest industry related updates during this pandemic. Lastly, check out the C.A.R. podcast here.