Market Statistics – September 2020

 

Prior Year

Current Year

+/-

Average Sales Price

$210,931

$248,298

+17.7%

Median Sales Price

$181,615

$207,900

+14.5%

Inventory of Homes for Sale

1,113

823

-26.1%

Days on Market

119

122

+2.5%

Closed Sales

227

279

+22.9%

 

 

 

 

 

Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.


New Listings were up 8.1 percent to 294. Pending Sales increased 34.6 percent to 292. Inventory shrank 26.1 percent to 823 units.


Prices moved higher as Median Sales Price was up 14.5 percent to $207,900. Days on Market increased 2.5 percent to 122 days. Months Supply of Inventory was down 36.0 percent to 3.2 months, indicating that demand increased relative to supply.


While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially
higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.


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