January Real Estate Review
As we entered 2021 all indicators pointed to a strong market and it certainly has not disappointed so far. The number of sales had an increase of 26.9%. The sales volume saw an increase of 35.6% over January 2020.
Inventory levels are extremely low! New listings coming to market saw a decline of 2.5% compared to last year at this time. Even the days on market saw a 14.5% decline over last January. This has truly turned into a seller’s market.
Activity levels are increasing throughout the whole market which is mostly due to the all-time low-interest rate. This has given the average family the ability to either refinance and pay less monthly or upgrade their home for the same monthly payments. We know everyone’s needs have changed lately and many homeowners are making these adjustments.
If you are looking to purchase a home you better be prepared when doing so. Depending on what price point of the market you’re in, we are seeing many single family homes sell the first day in multiple offer scenarios for over list price. This activity will most likely remain until we see a significant increase in the number of active listings but until then we could see prices start to rise.
As always, in any market, we can help! When selling your home it is crucial to price at market value and have your home ready to show. The proper decluttering, staging, professional photographer, and marketing is also a must in our current market to help buyers see the value.
If you need help buying or selling our team is here to help!
Gregg Bamford and Ryan Bamford