Market Report - November 2020

Dated: December 21 2020

Views: 148

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 encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.

New Listings were up 13.4 percent to 549. Pending Sales increased 44.0 percent to 563. Inventory shrank 46.2 percent to 1,186 units.

Prices moved higher as Median Sales Price was up 28.5 percent to $391,850. Days on Market decreased 7.9 percent to 129 days. Months Supply of Inventory was down 58.3 percent to 2.0 months, indicating that demand increased relative to supply

Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.

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

2020 Hilton Head Island - Investor Report

2020 Hilton Head Island - Investor Report Without a doubt, 2020 was a year that will not be forgotten any time soon. In all of the craziness, it was impossible to predict what was going to happen to

Read More

Market Report - January 2021

Market Report - January 2021 January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an

Read More

Market Report - December 2020

Market Report - December 2020 December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates,

Read More

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