January Market Update
From January of 2020 to January 2021 the market has seen an increase even through a global pandemic. Let’s compare what has changed in the last year!
AVERAGE SOLD PRICE:
- January 2020 – $512,167
- January 2021 – $593,615
There is a 16% increase; however, taking the pandemic into account for both high-end homes and low-end homes this realistically comes out to a 6% increase since last year!
What Does This Mean?
The lower-priced homes were not selling while the higher-priced homes were selling like crazy… Now the lower-priced homes will begin to sell but there will not be as many higher-end homes due to being through the system already!
MONTHLY INVENTORY:
- January 2020 – 1.3 inventory
- January 2021 – 0.5 inventory
We were talking last year about how low that was for the monthly inventory… Now we look and it is 260% lower than last year; the lowest in history!
ACTIVE HOMES:
- January 2020 – 5,887
- January 2021 – 2,492
Get your boxing gloves on if you are ready to buy because you will be fighting 30 other people… But timing is everything! Do Not Give Up Hope; we are here to help you get the best deal even now.
If You are selling your home, you are in luck because people will be pouring in to see your home.
TAKEAWAYS:
- Sellers – Reach out now! This is the time to put your house on the market to get the best value from your sale.
- Investors – Now is the time to begin investing as the interest rates and payments are the lowest in history and there is a guaranteed increase in your value.
- Buyers – It is hard and the pressure is high, BUT that does not mean it is impossible! It is all about timing and we would love to help you time everything perfectly in order to find the best deal NOW!