The real estate market is on fire again!
There were 3,270 single-family houses sold in September, up by 12.4%; and another 726 condos/townhouses which is 6.1% higher than August 2020. The median sales price of single-family houses increased a little by 0.7%, and the median sales price of condos/townhouses are up by 5.7% from last month. Houses currently on the market climbed by 3.4%, but condo/townhouses remain down by 1.2% since August.
The number of foreclosed properties also soared tremendously. This is bad news for the previous owners, but is definitely good news to buyers who want to save money.
The increase in property sales is expected, though not obvious because of low inventory. But the Supply and Demand chain is clear. Buyers are into inventories, and sellers take the chance to sell properties since they do not have as many competitors in the market. Real Estate Specialists believe that in this case where the listings are low and the demand is high, selling your property is a good decision to make.