The basic principle of supply and demand is dominating our market.
Strong buyer activity has continued into the fall, which is normally the start of a seasonal slowdown for the housing market. With stronger activity this year and a constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence.
These are the latest numbers that reveal what kind of strong seller’s market we have:
- New listings are up 11% to 5,572
- Pending sales are up 28.1% to 5,428
- Inventory is down 51% to 5,095
- Median sale price is up 11.5% to $289,000
- Months’ supply of homes is down 56% to 1.1
Demand has increased relative to supply as mortgage rates remain near record lows. Lending standards are tightening, which is making it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than it was a year ago due to COVID-19.
Despite all of this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic. If you have any questions for me about the market, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
