Let’s compare the market conditions from August 2020 to those of August 2019.
Both last August and this August, we witnessed relentless buyer demand. Let’s take a look at how those numbers compare:
So far, buyers have signed 19.7% more purchase agreements in August 2020 than they did the previous year. That’s evidence of strong buyer activity in our market.
Meanwhile, the inventory levels in our market have dropped by 32.4% year over year. With the increase in buyer demand and the reduction in inventory, we’re seeing home prices rise due to more and more multiple-offer situations on the available homes.
Another interesting fact is that the median sales price rose by 9.8% year over year. Currently, the median price is $315,000, which is the highest it’s been in many years.
Single-family home sales are up by 23%. Townhome sales rose by 14.8%, and even condominium sales went up by 1.4%. There have also been a lot of new construction homes going up in the area, and those sales rose by 46% between August 2019 and August 2020.
We’re also seeing buyers make quite a few concessions when writing offers due to the fact that many homes are generating bidding wars—we’ve seen homes with as many as 12 or 15 offers on them! We normally see a bit of a slowdown at this time of year as school begins, but we didn’t get that in 2020. Market activity continued throughout August and September.
If you have any other questions about the market as we head deeper into the fall season or if you’re preparing for a home sale in 2021, don’t hesitate to reach out to us. We’d love to help you.