NOVEMBER 2020
Sold Price Summary
- Single Family Average $617,187 – Up 18% YoY (first time ever over $600k)
- Single Family Median $511,000 – Up 13% YoY
- Condo/Townhome/Multi Average $390,211 – Up 8% YoY
- Condo/Townhome/Multi Median $335,000 – Up 11% YoY
Supply – Active & New Listings
The active listing inventory decreased by 3,002 homes compared to October 2019, that accounts for 42% fewer homes on the market. Homes are continuing to come onto the market – new listings are up 17% year-over-year.
- 4,200 Active Listings – Down 42% YoY
- 5,857 New Listings – Up 17% YoY
Demand – Pending Sales
Although demand is slowing from it’s peak in June, the market is still experiencing remarkable demand for October, up 20% compared to last year. The supply shortage is being fueled by strong demand as new homes are coming on the market. However, homes are going under contract very quickly with months supply of inventory sitting at 0.9 months (less than one month).
- 6,382 Pending – Up 20% YoY
Percent of Closed to List Price
Increased demand and low supply are driving the increase in the percent of closed to list price. Traditionally we see this metric start to decrease in July and continue to drop through the rest of the year. As you can see from the graph below, that is hardly the case this year. On average, buyers paid 100.3% of the list price in October creating a very competitive environment for buyers.
Source: J.. Renshaw/Land Title Guarantee Company
