October Market Update

Posted on October 28th, 2020

October Market Update

Supply and demand is the foundation of real estate and demand remains super strong for houses with 40% more sales than this time one year ago.  Supply is very low with 58% less inventory than this time last year.  Prices are up 12% compared with the same period in 2019.  71% of properties in September 2020 sold with less than 15 days on market, while 47% of them sold for over list price.  A title company I work with told me that September 2020 was their busiest month EVER.

Takeaway for sellers: We have never seen so much demand this late in the year.  With just 0.6 months of inventory (normal market is 2-4 months) it is an amazing time to be a seller!

Takeaway for buyers:  Rates are still hoovering around all-time lows.  If you can find the right property this is a wonderful time to lock in low payments.  Although prices are higher than a year ago, the lower rates mean your payments will be about the same.

If you or any of your friends have any real estate questions consider me as a resource!

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