Market Statistics – August 2020
|
August 2020 |
Prior Year |
Current Year |
+/- |
|
Average Sales Price |
$222,934 |
$257,709 |
+15.6% |
|
Median Sales Price |
$201,000 |
$223,450 |
+11.2% |
|
Inventory of Homes for Sale |
1,106 |
826 |
-25.3% |
|
Days on Market |
127 |
139 |
+9.4% |
|
Closed Sales |
261 |
268 |
+2.7% |
|
|
|
|
|
The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
New Listings were down 5.5 percent to 291. Pending Sales increased 29.4 percent to 317. Inventory shrank 25.3 percent to 826 units.
Prices moved higher as Median Sales Price was up 11.2 percent to $223,450. Days on Market increased 9.4 percent to 139 days. Months Supply of Inventory was down 35.3 percent to 3.3 months, indicating that demand increased relative to supply.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.
