It’s a Seller’s Market!
While 2020 had a slow COVID start in real estate, it turned around quickly and dramatically. For a short amount of time it appeared that closed properties were actually seeing an increase in the number of days it took to sell them. In reality, the numbers were reflecting the number of properties that had been on the market for a very long time that suddenly were drawing renewed interest, most likley because there has been and continues to be a very large number of buyers hoping to make this area their home.
There has been a housing shortage in the area for quite some time. However, even with this a factor in recent years, it did not have a huge affect on the markets we have seen in the past year. As those properties that had been on the market for a long time closed, we began seeing a steady decrease in the number of days on market for nearly all properties. At the same time, we also a slight increase in the listing prices. For the most part, people still didn’t pay way above appraisal prices, though we did hear of some of that taking place. It has been simply a question of supply and demand. Throughout the fall we have seen half the normal number of current listings, but a dramatic increase in the number of buyers. As this has happened, we have seen more and more properties sold at listing prices or slightly higher.
I really enjoy looking at these numbers and woudl be happy to answer any questions you may have. Real estate sales will be picking up again, though they barely tapered off this year. Be ready for whatever your real estate goals are! If I can be of assistance with any real estate needs from buying and selling to simply answering questions, I am happy to help.