Market Update for November 2020

We have seen unprecedented trends and changes since the COVID-19 Pandemic began in our local real estate market.

After a  significant drop in March, April, and May, we saw an incredible surge in home sales and prices, and this trend does not appear to be slowing.
People from all over our state, and in fact the USA, have ear-marked our beautiful area as a relatively safe and definitely very desirable location to live.

The Year-to-Date Median Price is up 20% from last year.
The continued high demand, as well as shrinking inventory due to record sales, indicates that our prices will continue to hold steady if not rise in certain markets.

Here is a quick overview of the stats for November 2020 compared to the same time in 2019
Total properties sold in November 2020 were, 267 – 148 Homes & 56 Condos
Home sales are up +76% over November 2019 while Condos were also up +40%

Median Sales Price for a Home – $1,644,500 +27%
Median Sales Price for a Condo – $822,250 +24%
Months of Inventory – 1.99
23% of offers were “All Cash Sales”

Continued low-interest rates mean that it is a good time for buyers to invest in a new home. Navigating multiple offer situations (which are not uncommon at the moment) are to be expected as there are more buyers than available properties.

Click this link here for the full report

Our top priority has been keeping our clients safe and healthy, vigilantly following the very strict showing and safety guidelines that our Governor and the CDC have required.

The numbers included in this report are courtesy of Fidelity National Title. All information provided is deemed reliable but has not been verified and we do not guarantee it.
We recommend that viewers make their own inquiries.

Posted on December 21, 2020 at 1:19 pm
Robert Watt | Category: Uncategorized

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