In a recent blog post, MoxiWorks provided their predictions for the year to come. Here’s their year-end review and forecast:
According to MoxiWorks, since September, sold listings have exceeded nearly 100k transactions over the same month last year.
“This is a gigantic delta and sign of the boom of the housing market,” said York Baur, MoxiWorks CEO, in a statement. “And 2019 was no slacker year, it was also very strong.”
Based on the activity inside MoxiPresent during October and November, the MoxiWorks Home Sales Predictor predicts there will be 530k home sales in December and 415k in January.
The presentation run rate in October predicts that December will close out higher than November. And while MoxiWorks predicts a dip for January, they stated “this is typical with every year based on a bigger push in October and the beginning of November to get stuff done before the holidays and the new year hits.” That’ll be exacerbated this year due to the unusually short time between the Thanksgiving and Christmas holidays in 2020, according to the company.
If these predictions are accurate, that will put the total number of home sales for 2020 at 5.53 million, said MoxiWorks. There were 5.43 million homes sold in 2019 according to NAR.
“Achieving this level of growth during a pandemic year that includes a gaping hole in the market in Q2 is a spectacular performance on the part of the residential real estate industry,” said Baur.