We reviewed the October 2020 market update, and here are the numbers for all condos and houses.
The benchmark selling price now is $ 422,000, which is up a half percent compared to last year. The total sales number is at 1,764, which is up 22% compared to the previous year.
New buyers come into the market to take advantage of the massive swing in interest rates. Last year’s interest rates at this time were as high as 3.5%, and now it’s down 1.5 to 1.6%. That’s about a 2% difference.
The actual number of new listings went up 3.8%. This is good because there is a momentum in supply and demand. But inventory is not there. We only have 5,800 homes on the market; that's down 12% compared to last year.
There are some opportunities now for sellers.…