Market Statistics – October 2020

 

Prior Year

Current Year

+/-

Average Sales Price

$203,972

$254,419

+24.7%

Median Sales Price

$179,900

$213,500

+18.7%

Inventory of Homes for Sale

1,141

829

-27.3%

Days on Market

122

120

-1.6%

Closed Sales

236

282

+19.5%

 

 

 

 

 

October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

New Listings were up 1.6 percent to 321. Pending Sales increased 22.9 percent to 290. Inventory shrank 27.3 percent to 829 units.

Prices moved higher as Median Sales Price was up 18.7 percent to $213,500. Days on Market decreased 1.6 percent to 120 days. Months Supply of Inventory was down 37.3 percent to 3.2 months, indicating that demand increased relative to supply.

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.


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