I wanted to start this months market update by wishing you all the very best Holiday Season.
Our Real Estate market here continues to outperform all the traditional models and behave more like the spring season even though we are in the fall, our traditional "slow" season.
ARMLS reported 9,690 home sales in October, the highest sales volume for any October in ARMLS history, smashing the October 2004 total of 8,173 by 18.6%. Comparing October 2020 to October 2019 we saw a 23.5% year-over-year gain. And now, even after our dismal spring numbers, the total number of sales to date in 2020 has now surpassed 2019. Let me remind you, 2019 was a very good year.
The average purchase price for a home sold in October hit a new record high of $425,263. October gross dollar volume of $4,120,798,470 was the highest gross dollar volume in ARMLS history.
The average priced home in October was $425,300, a remarkable 23.2% increase year over-year. The median sales price was $332,500, an increase of 16.7% year-over-year.
Thank you very much and Happy Holidays to all of you!