Prices keep climbing in the U.S. real estate market and also in the Lake Country Real Estate market. Record-low mortgage rates and inventory shortage is seeing a strong market and keeping prices surging
“The housing sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand. This strong buyer activity points to a fall housing market that is more active than normal, where buyers may face more competition and may have to act more quickly than usual to snag their dream home.
The national median asking price on Realtor.com in September 2020 was $350,000, up 11.1% compared to last year. Prices could rise even further due to heavy buyer competition and a significant shortage of supply. Housing inventory continues to be constrained by stronger than normal buyer demand and little new inventory coming on to the market.
For the first time, the national median sales price surpassed the $300,000 level. The national median existing-home price for all housing types in July was $304,100, up 8.5% from July 2019 ($280,400), as prices rose in every region. It was a new record. The median existing-home price for all housing types in August was $310,600, up 11.4% from August 2019 ($278,800), as prices rose in every region.”
Low mortgage rates, population growth, and an increase in buyer interest are further driving the demand for available housing. (Information: Norada Real Estate Investments)
Let’s compare this information to the Lake Country Real Estate Market. Like we’ve said before in our past articles, our area is a Diamond in the Ruff. Lake Country area cannot be compared to the National Real Estate Market. The stats that we see on the National scale does not relate to the Real Estate industry here. Here are some of our stats taken from our Lake Country Board of Realtors. (LCBOR)
Sept. 1, 2020 - Oct. 28, 2020 (Days On Market DOM)
Current Active Residential Listings: 231
Average List Price: $737,022. / DOM 97
3 Bedrooms: Avg List Price: $443,053. / DOM 95
4 Bedrooms: Avg List Price: $755,798. / DOM 97
5 Bedrooms: Avg List Price: $1,323,924. / DOM 96
6 Bedrooms: Avg List Price: $1532,100. / DOM 142
Residential: Avg List Price Sold: $655,700. / Avg. Sale Price sold: $638,613. / Price Ratio 97.39%
We guess these stats speak for themselves. This is a GREAT time to list your home. Sellers are getting close to their asking price.
THOUGHT FOR THE DAY: May your day be filled with good thoughts, kind people and happy moments.