Market Report - September 2020

Dated: October 13 2020

Views: 317

Market Report - September 2020



Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

New Listings were up 40.5 percent to 669. Pending Sales increased 59.2 percent to 672. Inventory shrank 33.8 percent to 1,464 units.

Prices moved higher as Median Sales Price was up 19.6 percent to $388,675. Days on Market increased 7.0 percent to 152 days. Months Supply of Inventory was down 43.8 percent to 2.7 months, indicating that demand increased relative to supply.

While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.

Blog author image

Ryan Bohr

When the opportunity arose for Ryan Bohr to join a dynamic team of Realtors in Hilton Head Island, he went "All-In" moving his wife and two young children from Raleigh, NC. He was most recently invo....

Latest Blog Posts

A Year In Review - 2020 Market Report

A Year In Review - 2020 Market Report The 2020 housing market was unexpectedly turbulent towards the end of the first quarter due to the pandemic that spread across the country. As the first wave

Read More

Market Report - November 2020

Market Report - November 2020 November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided

Read More

Market Report - October 2020

Market Report - October 2020 October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market

Read More

Market Report - September 2020

Market Report - September 2020 Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the

Read More