The following Real Estate statistics were collected by MLSOK, Inc., for the time frame October 1 through October 31, 2020. Below summarizes our regions monthly sales activity. For a full review please see report that follows.
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 temperatures continue to fall.
New Listings increased 9.4 percent for Single Family homes but decreased 7.8 percent for Townhouse-Condo homes. Pending Sales increased 35.1 percent for Single Family homes but remained flat for Townhouse-Condo homes. Inventory decreased 30.8 percent for Single Family homes but increased 3.1 percent for Townhouse-Condo Homes.
Month’s Supply of Inventory decreased 38.5 percent for Single Family homes but remained flat for Townhouse-Condo homes.
Median Sales Price increased 15.3 percent to $207,500 for Single Family homes and 26.6 percent to $132,975 for Townhouse-Condo homes.
Days on Market decreased 22.7 percent for Single Family homes but increased 35.0 percent for Townhouse-Condo homes.
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 sefments 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.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
