After a dramatic plunge during the spring shutdowns, the rate of home sales is expected to surpass 2019 levels in the final months of 2020. Despite Covid-19 and high unemployment, home prices are rising, with multiple offers common on many properties
Mortgage Rates remain below 3%
2.8% is the current 30 year interest rate as we conclude the month of October. This monthly mortgage payment will cost a buyer $4.15 per each thousand of borrowed money.
Sales and Inventory of Residential Homes as of October 27th
747 currently active listings.
499 homes with accepted offers.
588 homes pending a closing date.
5503 homes have closed since January 1, 2020.
Average Selling Time…1.5 months
Reasonably priced homes have been receiving multiple offers within the first two days of being listed*. Upon acceptance of an offer, the home’s status is changed to Active/Back up or Contingent. A home with an accepted offer is not considered to be “under contract” until the inspection contingencies are removed. This can be 10 – 15 days later. In addition a home is not considered to be “sold” until it closes.
*The number of days it takes to receive an acceptable offer will vary according to location, asking price and the condition of the home.