September 2020 Was A Buyer’s Market
A buyer’s market is when there are more than 6 months of inventory based on closed sales. A seller’s market is when there is less than 3 months of inventory based on closed sales. A neutral market is when there is 3 – 6 months of inventory based on closed sales.
Caveat: This report includes information for single-family homes, townhomes and condos. While the data from all three property types reflects we experienced a “buyer’s market” during September, sales are very different for each property type. For example, the single-family homes market was neutral. If you would like market data on a specific property type, please contact us!
Home sales (Sold) were 347, up 11.9% from 310 in September of 2019 and 13.9% lower than the 403 sales August 2020.
Current inventory (For Sale) of properties available this month is higher by 4 units or 0.2%. This year’s bigger inventory means that buyers who waited to buy may have a bigger selection to choose from. The number of current inventory is up 0.9% compared to August 2020.
Homes for sale under contract (Pended) was an increase of 13.9% in the pended properties in September 2020, with 482 properties versus 423 August 2020. This month’s pended property sales were 56.6% higher than September 2019.
The Average Sold Price Per Square Foot Is Neutral*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the “mix” of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The September 2020 Average Sold Price per Square Footage of $353 was up 7.3% from $329 August 2020 and up 15.7% from $305 in September 2019.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days On Market Shows Upward Trend*
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for September 2020 was 94, down 6% from 100 days in September 2019.
The Sold/Original List Price Ratio Remains Steady**
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 91% the same as last month and up from 1.1% in September 2019.
* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
The Average For Sale Price is Appreciating*
The Average For Sale Price in September 2020 was $1,293,000, up 2.6% from $1,260,000 in September 2019 and up 4.4% from $1,239,000 August 2020.
The Average Sold Price is Neutral*
The Average Sold Price in September 2020 was $645,000, up 27.5% from $506,000 in September 2019 and up 9.7% from $588,000 August 2020.
The Median Sold Price is Neutral*
The Median Sold Price in September 2020 was $390,000, up 12.4% from $347,000 in September 2019 and down 2.5% from $400,000 August 2020.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
Months of Inventory based on Closed Sales
The September 2020 Months of Inventory based on Closed Sales of 6.6 was decreased by 10.8% compared to September 2019 and up 15.9% compared to August 2020.
Months of Inventory based on Pended Sales
The September 2020 Months of Inventory based on Pended Sales of 4.8 was decreased by 37% compared to September 2019 and down 11.1% compared to August 2020.
