Market Watch Report 3rd QTR 2020

Single Family Homes Statistics

At the end of the 3rd QTR 2020, there are 597 Single-Family Homes pending.  This is an increase of 10.6% from the 3rd QTR in 2019 when there were 540 listings pending.

During the 3rd QTR 2020, 689 Single-Family Home new listings came on the market.  This was an increase of 2.7% from the 3rd QTR in 2019 when there were 671 new listings.

At the end of the 3rd QTR 2020, the number of Single-Family Homes for Sale is 304 properties.  This is a decrease of 41.7% from the 3rd QTR in 2019 when there were 521 homes available for sale.

The chart shows stats on the Inventory of Homes for a 3 year period in Davidson County for the cities of Lexington, Thomasville, and Denton.

This chart displays Days on Market for a 3 year period in Davidson County for the cities of Lexington, Thomasville, and Denton.

During the 3rd QTR 2020, 631 Single-Family homes closed, which is an increase of 16.9% from the same time period in 2019.  Sellers are receiving 98.5% of their list price.

The Median Sales Price for Single-Family homes in the 3rd QTR 2020 is $206,195 which is a 22% increase from the 3rd QTR in 2019 when the Median Sales Price for Single-Family homes was $169,000.

Analysis of the absorption rates indicates an inventory of 1.7 months for Single-Family homes.  Most properties are going under contract within 41 days.

As you can see in the chart below, the Median Sale Price and Average Sale Price in Davidson County has been steadily increasing since 2016.  At the end of the 3rd QTR 2020, the Median Sales Price is $193,000 and the Average Sale price is $220,794. 

Townhome Statistics

At the end of the 3rd QTR 2020, there are 68 Townhome Listings pending.  This is a 70% increase from the 3rd QTR in 2019 when there were 40 townhomes pending.

During the 3rd QTR 2020, 67 New Townhome Listings came on the market.  This was a 97.1% increase from the 3rd QTR in 2019 when there were 34 new listings.

At the end of the 3rd QTR  2020, inventory is 20 Townhomes for sale, which is an increase of 11.1% from the 3rd QTR in 2019 QTR when there were 18 townhomes for sale.

During the 3rd QTR 2020, 51 Townhome Listings closed, which is an increase of 10.9% from the 3rd QTR in 2019 when 46 townhomes closed.   Sellers are receiving 100.9% of their list price.

Median Sales Price for Townhomes in the 3rd QTR 2020 is $213,846, which is a slight increase of 0.3% from the same time period last year.

Analysis of the absorption rates indicates an inventory of 1.3 months for Townhome Listings.  Most properties are going under contract within 42 days.

• Now is a great time to buy because of the low mortgage rates if your employment and financial situation are secure.
• Inventory levels in all price ranges will continue to be a challenge for homebuyers through 2020 into next year.
• Buyers will have to manage multiple offers and make their offer stands out in order to be accepted.
• Another benefit to lower mortgage interest rates is the affordability factor.  The lower the rate, the more home you can afford to purchase.

Tips for Buyers in a Seller’s Market

• Your first step should be to talk to a lender to get preapproved.  By doing this first, you will know your true purchasing power and what your financing costs will be.
• Your number one priority should be buying a home in this seller’s market.  Be available to view a new listing as soon as it comes on the market.  In some cases, homes are going under contract the first day they are listed.
• Do not put a lot of contingencies in your offer.  Write as clean a contract for the seller as possible,

• There is less competition now in the market place with low inventory levels.
• Talk to your agent about the new environment and procedures for showing your home and accepting offers.
• Discuss with your agent how you want to handle multiple offers.
• Consider purchasing your next property before you place your present home on the market.

You might also like:

1st QTR 2019 Market Watch Report

2nd QTR 2019 Market Watch Report

3rd QTR 2019 Market Watch Report

4th QTR 2019 Market Watch Report

1st QTR 2020 Market Watch Report

2nd QTR 2020 Market Watch Report

Davidson County NC Stats

New listings increased slightly by 2.7% in the 3rd QTR 2020 in Davidson County from the previous year.  Pending Sales increased by 10.6%.  Closed Sales increased by 16.9%.  Prices are still rising because of the severe inventory shortage.

The Median Sales Price for Single-Family Home was $206,195.  This is an increase of 22% from the 3rd QTR in 2019.  The Average Sales Price was $233,471 at the end of the 3rd QTR 2020.  This was a 16.7% increase for the 3rd QTR in 2019.

Sellers are receiving 98.5% of their List Price.  Inventory levels of Homes for Sale decreased by 41.7% from 2019 levels.  At the end of the 3rd QTR 2020, 304 homes were available.  Homebuyers wanting to enter the market will continue to be challenged by the low inventory levels.

Financing a Home in 2020

In the beginning of June 2020, the average rate on a 30-year fixed mortgage was about 3.24%.  Rates continued to drop and at the end of the month were around 2.95%.  Realtors expect rates to stay in the 3% range for at least the next year and maybe longer.