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Market Report - September 2020

 

Market Report - September 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 were up 40.5 percent to 669. Pending Sales increased 59.2 percent to 672. Inventory shrank 33.8 percent to 1,464 units.


Prices moved higher as Median Sales Price was up 19.6 percent to $388,675. Days on Market increased 7.0 percent to 152 days. Months Supply of Inventory was down 43.8 percent to 2.7 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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