The Frenzy of 2020

by | Aug 4, 2020 | Frenzy, Jim's Take on the Market, Market Surge, North County Coastal, Sales and Price Check, Virus, Why You Should List With Jim | 4 comments

Mortgage rates hit an all-time low yesterday!

Combine the improved purchasing power with the covid-delayed selling season and the lowest inventory in recent history, and we have full-blown frenzy conditions. Look at how July wound up:

NSDCC July Sales & Pricing – Preliminary

Year
# July Sales
Avg. $$/sf
Median SP
July Mortgage Rate
# Listings, 1st Half
2012
258
$365/sf
$850,000
3.55%
2,545
2013
297
$418/sf
$930,000
4.37%
2,790
2014
271
$451/sf
$1,018,000
4.13%
2,714
2015
321
$458/sf
$1,025,000
4.05%
2,871
2016
271
$504/sf
$1,110,000
3.44%
2,999
2017
261
$528/sf
$1,240,000
3.97%
2,725
2018
273
$544/sf
$1,280,000
4.53%
2,701
2019
281
$612/sf
$1,300,000
3.77%
2,725
2020
343
$620/sf
$1,420,000
2.99%
2,293

We had 342 sales, and there will be some late-reporters. Wow!

Has pricing caught up with the market conditions yet?

4 Comments

  1. Susie
    Susie on August 4, 2020 at 3:47 pm

    Eye popping rates from my credit union:
    -15-year Fixed Purchase: 1 .875%
    -30-year Fixed Purchase: 2.25%
    -15-year Fixed Refi: 2.75%
    -30-year Fixed Refi: 3.25%

    After talking with JtR, we grabbed a 2.875% 30-year fixed refi about mid-May. We’ve made two payment now for July and August and still can’t believe how low our payment is. Mahalo, Jim!

  2. Tom
    Tom on August 4, 2020 at 10:13 pm

    Which credit union has these rates?

  3. Jim the Realtor
    Jim the Realtor on August 4, 2020 at 10:18 pm

    She is in Idaho. Maybe the Potato FCU? 🙂

  4. Susie
    Susie on August 5, 2020 at 10:29 am

    Oh you’re so funny, Jim! 🙂
    Tom, it’s Idaho Central Credit Union. I’ve been with them for 11 years. You do need to be a member. If you’re interested, let me know. I’ve used one guy for my last three transactions. He’s amazing!

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