Beaufort Real Estate Update | November 2020
November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
New listings in the Beaufort Region were up 8.3 percent to 222. Pending sales increased 56.4 percent to 244. Inventory shrank 41.0 percent to 544 units.
Prices moved higher as median sales price was up 12.6 percent to $270,168. Days on market decreased 20.5 percent to 70 days. Months supply of inventory was down 54.3 percent to 2.1 months, indicating that demand increased relative to supply.
Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions. Read the full report here.