Happy New Year! As we begin 2021, I want to congratulate you on making it through 2020. I also want to make sure you’re aware of what’s going on in the local market, so I’m sharing the most recent data with you today.
This data is from November, and the report itself was produced on December 11. It doesn’t cover the full year, but it does give us a great idea of what happened in 2020 as a whole. Although COVID made things crazy for everyone, low interest rates drove demand and we were able to help 172 families as a result.
One interesting thing to note is that although sales were down just a fraction, inventory was down by a lot more. We operate based on supply and demand, and this year, the supply was very low, and demand was very high. This clearly puts us in a seller’s market, but the low interest rates gave homebuyers more buying power than they would have had otherwise. It was a rare win-win type year for buyers and sellers alike.
Our low inventory drove more than just demand. The average listing price was pushed up this year, which made the average sale price go up by 20%! By not doing anything, homeowners who waited to sell from a year ago are going to put tens of thousands more into their pockets. That’s some great motivation if you’ve been on the fence about selling your home this year.
Buyers are frustrated with a lack of options, and there might be multiple buyers out there just waiting for a home like yours to hit the market. With just 2.85 months of inventory, things have tilted even more in favor of sellers.
As for the Wolek Group as a whole, we doubled our team from five to 10 members. We mostly operated and stayed connected via Zoom and other technology, and we were blessed to be able to help so many families through a time of transition and great stress. Additionally, our team’s list-to-sale price average was 99% with an average days on market of just 33. That’s more money and a shorter time on the market for our clients than the industry average.
If you have any questions about the current market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.