Market Report - October 2020

Dated: November 20 2020

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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 housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

New Listings were up 5.5 percent to 711. Pending Sales increased 55.8 percent to 712. Inventory shrank 41.9 percent to 1,316 units.

Prices moved higher as Median Sales Price was up 10.7 percent to $395,000. Days on Market decreased 2.7 percent to 142 days. Months Supply of Inventory was down 53.1 percent to 2.3 months, indicating that demand increased relative to supply.

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.

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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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