As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. However, as the year unfolded, it became clear that there would be little negative impact on the housing market. The MLS™/CLAW Areas saw a significant jump in both the number of sales and the median price for Single Family Homes during the third quarter (Q3) of 2020. The median price increased by 10.7% and sold listings increased by 18.8% year-over-year from Q3 2019. As Mark Fleming, Chief Economist at First American, recently revealed: “The only major industry to display immunity to the economic impacts of the coronavirus is the housing market.”
Below are market statistics for Single Family Homes, Condos and Leases.
While prices increased for Single Family Homes, Condos experienced a 6.4% decrease in median price but the number of sold listings increased by 14%.
Leases saw a slight increase of 1.3% in median price. The number of listings that were leased increased by 19.3%.