Real Estate Stats October 2020 for Old Farm show homes are selling extremely fast in Old Farm, with an average of 4 days on market last month.
The average price was up 16.6% at $372,175 compared to last year. The median price of $367,500 was up 15.8% from last October. 8 homes were sold in October (same as last year) and there are 4 homes currently pending sale in Old Farm. Sale prices last month ranged from $310,500 to $418,900 for Old Farm. Amazingly, the average selling price was 104.6% of list price, meaning sellers are getting roughly 4% over asking on average.
Remarkably, our inventory in the entire region still continues to shrink! With yet again another record-breaking low, we only have 925 homes for sale as of November 1st. This equates to roughly a 2 week supply of homes and is down 52.3% from last October. The inventory is even tighter when you exclude new construction.
Pending sales remain high at 2,226 homes waiting to close as of November 1st. With such low interest rates and a high demand for homes, this environment may continue for a while.
As the inventory tightens, there just aren’t enough homes for buyers. If you are thinking of selling, our buyers NEED your home! Please contact us to help come up with the best strategy for your personal situation.
If you are looking to buy, the competition is fierce and does not look to be subsiding. Having the right team on your side can make all the difference. Please contact us so that we can help give you that competitive advantage in this crazy market!
To see more detailed information, please visit our Market Conditions page.
Please give us a call whether you are thinking of buying or selling!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360