December 2021 Market Snapshot

In Bright MLS, the median sold price for Condo & Coop properties for December was $300,000, representing no change compared to last month and an increase of 9.1% from Dec 2020. The average days on market for units sold in December was 33 days, 24% below the 5-year December average of 43 days. There was an 18.3% month-over-month decrease in new contract activity with 2,373 New Pendings; a21.2% MoM decrease in All Pendings (new contracts + contracts carried over from November) to 3,329; and a 25.1% decrease in supply to 3,317 active units.

This activity resulted in a Contract Ratio of 1.00 pendings per active listing, up from 0.95 in November and an increase from 0.79 in December 2020. The Contract Ratio is 57% higher than the 5-yearDecember average of 0.64. A higher Contract Ratio signifies are lative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.