NEW YORK, NY, JAN 20, 2022 — Compass, Inc. (NYSE: COMP), a leading technology-enabled residential real estate brokerage, today released a market data report based on findings by Compass’ Senior Managing Director, EA Stribling-Kivlan. The report focuses on residential real estate market data from November 2021 and expands upon trends across the country with a spotlight on three Compass markets: Palm Springs, CA, Maui, HI, and Tampa, FL.
“November 2021 saw the third month of increased national existing home sales, rising 1.9% over October 2021 [^1], which includes townhouses, condos, coops and single family homes, ” said EA Stribling-Kivlan, Senior Managing Director at Compass. “At the end of November 2021, the national median sale price rose 13.9%, compared to November 2020, and national inventory was sitting at about 1.11 million units, a 9.8% drop from October 2021, and a 13.3% decline over November of 2020.”
“With such a low amount of product to sell, November 2021 saw properties across the country selling in an average of just 18 days, down 3 days from November 2020, with 83.0% of homes selling in under a month,” continued Stribling-Kivlan. “Additionally, it is clear that entry into the housing market is getting harder and harder with only 26.0% of November 2021 purchasers being first-time home buyers, down from nearly a third (32.0%) in November 2020, and down 3.0% from October 2021.”
National market updates [^2]:
National home sale prices in November 2021 averaged an increase of 13.9% from November 2020, marking the 117th straight month of year over year increases.
Total national housing inventory continued to decrease in November 2021, down 13.3% and 9.8%, compared to November 2020 and October 2021, respectively.
With high demand and low supply, the national average of days on the market for November 2021 was hovering around 18 days, which is down from 21 days compared to November 2020. Ultimately, 83.0% of homes sold in November 2021 were on the market for less than a month.
First-time home buyers have continued to decrease their entry into the market, with 26% of November 2021 sales going to first-time home buyers, down from 32% in November 2020.
In contrast to first-time home buyers, individual investors and second-home buyers continue to assert their presence in the market, accounting for 15% of November 2021 home sales, inching past 14% from November 2020.
24% of all home sales in November 2021 were all-cash, compared to 20% in November 2020, also demonstrating the continued interest from individual investors and second-home buyers.
Focusing on Palm Springs, CA, Maui, HI, and Tampa, FL, EA Stribling-Kivlan provided insights into the nuances of each market and how they compare to the national trends:
Palm Springs, CA saw a median sale price growth of 25.4% year over year, almost double the national average of 13.9% [^3]:
Palm Springs has seen monumental growth in median sale price, rising to $710,111, a 25.4% increase for November 2021, compared to November 2020.
At a 29.7% drop, Palm Springs’ decrease in year over year inventory for November 2021 is more than double the national average decrease of 13.3%.
High demand and low inventory has driven the average November 2021 Palms Springs sale to 1.3% over asking price.
“Palm Springs, once a market made up of half primary owners and half secondary owners, has seen major growth in primary ownership over the past 6 years,” said EA Stribling Kivlan. “New primary residents have entered the market from nearby metropolitan areas, cold-weather states, and from across the northern border, with Canadians making up approximately 10% of the buyer population.”
Single Family Homes
Overall Number Of Homes Sold
633 - November 2020
550 - November 2021
- 13.1% Percent Change Year Over Year
Median Sales Price
$566,507 - November 2020
$710,111 - November 2021
+ 25.4% Percent Change Year Over Year
Average Percent Of List Price Received
101.7% - November 2020
101.3% - November 2021
- 0.4% Percent Change Year Over Year
Median Days On Market
25 - November 2020
31 - November 2021
+ 24.0% Percent Change Year Over Year
Inventory Of Homes For Sale [^4]
775 - November 2020
545 - November 2021
- 29.7% Percent Change Year Over Year
Maui, HI, surpassed national averages on both median sales price growth and inventory decreases, at 16.0% and 51.3% respectively, year over year [^5]:
Maui saw a 2.0% increase in the number of homes sold for November 2021, compared to November 2020.
Maui’s median sales price has inched closer to the million dollar mark with a 16.0% increase, compared to November 2020, and average percent of list price received has increased to 99.0%.
At more than three times the national average decrease in inventory of 13.3%, Maui’s inventory of active listings at the end of November 2021 decreased by 51.3%, compared to active listings at the end of November 2020.
“Maui is the second largest island for the state of Hawaii and the third largest population, behind the islands of Oahu and Hawaii,” said EA Stribling-Kivlan. “Within this complex luxury market, local agents are starting to see offers come in slightly below asking price, however, multiple offers with escalation clauses are still quite common.”
Single Family Homes
Overall Number Of Homes Sold
102 - November 2020
104 - November 2021
+ 2.0% Percent Change Year Over Year
Median Sales Price
$852,500 - November 2020
$989,000 - November 2021
+ 16.0% Percent Change Year Over Year
Average Percent Of List Price Received
97.3% - November 2020
99.0% - November 2021
+ 1.7% Percent Change Year Over Year
Median Days On Market
111 - November 2020
115 - November 2021
+ 3.6% Percent Change Year Over Year
Inventory Of Homes For Sale [^6]
357 - November 2020
174 - November 2021
- 51.3% Percent Change Year Over Year
Tampa, FL saw one of the greatest decreases in housing inventory at 30.2% year over year, more than double the national average of 13.3% [^7]:
Median days on market fell to just 7 days in November 2021, a drop of 22.2%, compared to November 2020, marking one of the swiftest sales markets in the country.
Tampa’s median sales price for November 2021 has seen a significant 23.5% jump, compared to November 2020, well beyond the national average of 13.9%.
Tampa’s listing inventory has decreased by nearly a third year over year, with the number of active listings at the end of November 2021 down 30.2%. Compared to the end of November 2020, this decrease is over two times greater than the national average decrease of 13.3%.
“The Greater Tampa area has seen a large increase in population on an almost daily basis in both 2020 and 2021 due to the incredible weather and the desirability of no state income tax,” said EA Stribling-Kivlan. “Desire to be in this area is so high that almost all homes are expected to see multiple offers and bidding wars.”
Single Family Homes
Overall Number Of Homes Sold
4,265 - November 2020
4,535 - November 2021
+ 6.3% Percent Change Year Over Year
Median Sales Price
$287,500 - November 2020
$354,995 - November 2021
+ 23.5% Percent Change Year Over Year
Average Percent Of List Price Received
100.0% - November 2020
100.0% - November 2021
+ 0.0% Percent Change Year Over Year
Median Days On Market
9 - November 2020
7 - November 2021
- 22.2% Percent Change Year Over Year
Inventory Of Homes For Sale [^8]
5,298 - November 2020
3,697 - November 2021
- 30.2% Percent Change Year Over Year
[^1] Based on data from the National Association of REALTORS® for the periods and locations described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the National Association of REALTORS®. Copyright ©2022 “Existing-Home Sales Continue Upward, Increasing 1.9% in November.” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. December, 22, 2021, https://www.nar.realtor/newsroom/existing-home-sales-continue-upward-increasing-1-9-in-november.
[^2] Based on data from the National Association of REALTORS® for the periods and locations described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the National Association of REALTORS®. Copyright ©2022 “Existing-Home Sales Continue Upward, Increasing 1.9% in November.” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. December, 22, 2021, https://www.nar.realtor/newsroom/existing-home-sales-continue-upward-increasing-1-9-in-november.
[3] Based on data from the California Association Of REALTORS® and TheMLS for existing Single Family Homes within the greater Palm Springs, CA metropolitan area (Palm Springs, Desert Hot Springs, Cathedral City, Rancho Mirage, Palm Desert, Indian Wells, La Quinta, Indio, and Coachella) for the periods described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the California Association Of REALTORS® and TheMLS.
[^4] The number of properties available for sale in active status at the end of a given month.
[^5] Based on data from the Realtor Association of Maui, Inc. for Single Family Homes on the island of Maui for the periods described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the Realtor Association of Maui, Inc.
[^6] The number of properties available for sale in active status at the end of a given month.
[^7] Based on data from the Greater Tampa Realtors Association & Stellar MLS for Single Family Homes in the greater Tampa, St. Petersburg, and Clearwater, FL metropolitan areas for the periods described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from Greater the Tampa Realtors Association or Stellar MLS.
[^8] The number of properties available for sale in active status at the end of a given month.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Compass' current perspective on existing trends and information as of the date of this release. Statements containing words such as "expect," or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from Compass' current expectations depending upon a number of factors affecting Compass' business, including, but not limited to, expansion into new markets, prevailing market conditions, the impact of general economic, industry or political conditions in the United States or internationally, and risks related to the impact of the COVID-19 pandemic. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For information about other potential factors that could affect Compass' business and financial results, please review the "Risk Factors" described in Compass' Form 10-Q for the quarter ended September 30, 2021 filed with the Securities and Exchange Commission (the "SEC") on November 12, 2021, and Compass' other filings with the SEC. Except as may be required by law, Compass undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
