Real Estate Market Report - October 2020

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 9.7 percent for Residential homes and 15.3 percent for Townhouse/Condo homes. Pending Sales increased 27.0 percent for Residential homes and 21.7 percent for Townhouse/Condo homes. Inventory decreased 31.0 percent for Residential homes and 6.3 percent for Townhouse/Condo homes. 

 

Median Sales Price increased 14.2 percent to $205,000 for Residential homes and 4.9 percent to $170,000 for Townhouse/Condo homes. Days on Market decreased 9.1 percent for Residential homes and 23.1 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 35.1 percent for Residential homes and 3.6 percent for Townhouse/Condo 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 COVID19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic