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
Market Report - September 2020
Dated: October 13 2020
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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.
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....
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We do not attempt to independently verify the currency, completeness, accuracy or authenticity of the data contained herein. It may be subject to transcription and transmission errors. Accordingly, the data is provided on an "as is," "as available" basis only and may not reflect all real estate activity in the market. © 2021 Multiple Listing Service of Hilton Head Island, Inc. All rights reserved. Certain information contained herein is derived from information which is the licensed property of, and copyrighted by, Multiple Listing Service of Hilton Head Island, Inc.
