Market Overview: November 2020
“Election results will lift the victors and devastate the party of the unsuccessful. It will not impact our local housing market,” proclaims Linda O’Koniewski, CEO Leading Edge. “Covid restrictions are dictated by the state. The work-from-home culture, appetite for more outdoor space, and the desirability of properties with home offices, views and more functional space determine our market neighborhood by neighborhood. Fueled by high demand, low supply and crazy, inexpensive borrowing power, some markets are red hot, while we see that some condos, particularly those that don’t reflect today’s trends, are starting to sit and price correct to sell. Sadly, we are going to start to see the financial impact of job loss on the market very soon, when people who cannot afford their mortgage decide to move.”
October sales of single-family homes in the Leading Edge service area increased +34.1% year-over-year. Inventory decreased -30.2%. The number of days on market over the last 12months decreased -2.8% while median sale prices remain up +7% at $669,000.