The median price ended the year at $444,500. A 15.5% increase from the year before.
16,421 homes sold in 2020 That is .8% lower than the 16,561 sold in 2019.
The market is favoring sellers because there is a lot of buyer competition going after the few homes that are available for sale.
Right now there is less than 1 month of housing inventory. A “normal” or “balanced market” is considered around 2— 3 months worth of inventory. I expect our market to stay below 2 months of inventory for most of the year.
Although the market is favoring sellers, it’s a “price sensitive sellers market.” If the home is priced right, shows well & has a high quality marketing plan it will be sold with multiple offers, over list price in a few days. However, the properties that are over priced are sitting.
2021 looks like it should be similar to the second half of 2020: low supply of available homes, high buyer demand and prices increasing due to buyer competition and low interest rates
A few wild cards to make this years crystal ball cloudy: interest rates (will they stay below 3% or go up), COVID/vaccine (will we return to “normal” or will shutdowns continue?) .
