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October 2020 Stats

Sunday, November 1, 2020   /   by Christopher Barca

October 2020 Stats

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October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

New Listings decreased 29.4 percent for Single Family homes but increased 0.6 percent for Condominium homes. Pending Sales increased 13.8 percent for Single Family homes and 3.3 percent for Condominium homes. Inventory decreased 30.7 percent for Single Family homes but increased 49.2 percent for Condominium homes.

Median Sales Price increased 18.5 percent to $867,500 for Single Family homes and 12.7 percent to $587,800 for Condominium homes. Days on Market decreased 2.9 percent for Single Family homes and 18.5 percent for Condominium homes. Months Supply of Inventory decreased 25.5 percent for Single Family homes but increased 94.9 percent for Condominium homes.

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.


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