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 18.6 percent to 1,470. Pending Sales increased 32.8 percent
to 1,401. Inventory shrank 33.8 percent to 1,866 units.
Prices moved higher as Median Sales Price was up 18.6 percent to $210,000. Days
on Market decreased 19.6 percent to 41 days. Months Supply of Inventory was
down 37.5 percent to 1.5 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.
Information courtesy of CMLS*
