Real Estate Market Report - February 2020

Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.

New Listings increased 1.5 percent for Residential homes and 9.1 percent for Townhouse/Condo homes.

Pending Sales decreased 7 percent for Residential homes and 10.5 percent for Townhouse/Condo homes.

Inventory decreased 15.2 percent for Residential homes and 10.6 percent for Townhouse/Condo homes. Median Sales Price increased 5.9 percent to $180,000 for Residential homes and 3 percent to $170,000 for Townhouse/Condo homes.

Days on Market increased 13 percent for Residential homes and 9.4 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 15.2 percent for Residential homes and decreased 14.3 percent for Townhouse/Condo homes.

With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.