The stats from the RMLS for September 2020 are hot off the presses, and boy is it crazy.
Buyers are getting frustrated in their home searches and at how hard it is to get an offer accepted. And now we see why. We are now at what may be an all time low of 1.1 months of inventory (compared to 2.8 for September 2019). Inventory is calculated by dividing the active/residential listings at the end of the month (September) by the number of closed sales for that month. Keep in mind, this includes proposed and under construction homes.
Pending sales are up 17.3% over September 2019, and new listings are down 5.9% from September 2019. So more sales, fewer listings.
Oh, and prices have increased (year to date, median price) 5.7% to $433,500. And market time is shorter at 38 days, down from 52 days in September of 2019.
Fewer houses, more sales, in a shorter time.
It's a pretty interesting report. If you have questions, want to talk this though or get information specific to an area or neighborhood, get in touch.
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