When I wrote last weeks email, I didn’t realize today was Thanksgiving. Next week will be a new month and some of Novembers numbers will be released. Longer report next week.
Looking at October, new listings are up compared to the previous year/month, but overall inventory in October is at 1.1 months which is an RMLS record low. Total market time is at 38 days. In October 2019 total days on market was 57, so, homes are selling about 20 days faster this season than last.
Many are saying inventory will continue to drop another 30-40%. We are rolling into into winter. If it does, it will be interesting to see how that effects prices. I think the single largest factor that caused prices to rise to as high as they have this past 6 months was low inventory. The pandemic has definitely discouraged more people from trying to sell their property than from buyers getting in. I don't see the buyers going away so if inventory continues to fall, prices could keep above normal.
(3,515) increased 14.7% from the 3,064 listed in October 2019, and increased 7.7% from the 3,264 listed in September 2020.
(3,199) increased 24.2% from the 2,575 offers accepted in October 2019, and increased 1.5% from the 3,152 offers accepted in September 2020.
(3,155) increased 21.9% from the 2,588 closings in October 2019, and decreased 3.0% from the 3,251 closings in September 2020.
Inventory and Total Market Time-
Inventory held steady at 1.1 months in October, and continues to be the lowest on RMLS™ record. Total market time held steady at 38 days.
Comparing the first ten months of 2020 to the same period in 2019, new listings (34,307) decreased 7.5%, pending sales (28,518) increased 7.2%, and closed sales (26,298) increased 4.8%.
Average and Median Sale Prices
Comparing 2020 to 2019 through October, the average sale price has increased 6.5% from $459,000 to $489,000. In the same comparison, the median sale price has increased 6.1% from $410,000 to $435,000.