The following Real Estate statistics were collected by MLSOK, Inc., for the time frame September 1 through September 30, 2020.
Below summarizes our regions monthly sales activity. For a full review please see report that follows.
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 increased 16.0 percent for Single Family homes and 20.3 percent for Townhouse-Condo homes. Pending Sales increased 35.0 percent for Single Family homes and 5.5 percent for Townhouse-Condo homes. Inventory decreased 29.7 percent for Single Family homes but increased 2.4 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 12.1 percent to $204,000 for Single Family homes and 3.9 percent to $125,750 for Townhouse-Condo homes.
Days on Market decreased 19.0 percent for Single Family homes and 11.4 percent for TownhouseCondo homes.
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.
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.
