The Frenzy of 2020

Written by Jim the Realtor

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August 4, 2020

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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

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!
Tom on August 4, 2020 at 10:13 pm

Which credit union has these rates?
Jim the Realtor on August 4, 2020 at 10:18 pm

She is in Idaho. Maybe the Potato FCU? 🙂
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!