How’s The Market? A Look at October’s Real Estate Numbers

This year’s busy fall season continued to be strong through October. New Listings and Pending Sales both increased compared to September and were significantly higher than this time last year. The Median Sale Price also increased significantly compared to last year – up 12.1% to $460,000. The time it takes for homes to sell was consistent with last month, (38 days) but down nearly 30% compared to last year; inventory was also consistent with last month at just 1.1 months representing a drop of over 50% compared to this month last year.

Interest rates continue to be incredibly low, incentivizing buyers to enter the market and for homeowners to “trade up.” We did see more homes come on the market last month, but inventory stayed the same, meaning we had just as many buyers enter the market as homes for sale. This combination pushed the Median Sale Price up higher than we’ve ever seen it. It’s highly unusual for prices to continue to rise through the winter months, but 2020 has proven to be anything but usual. If activity slows down through the holiday season (as it typically does), expect prices to at least level out a bit. If activity stays high like we’ve seen for the last few months, prices could continue to increase through the new year.