Here’s why our current market is much different than past ones.
We’re in a new year, so now we can take a look back at the year-end numbers for 2020 and find out exactly what happened. It’s hard to have a perspective on these numbers if you aren’t out there every day in the market like I am, so I’ve decided to compare those 2020 numbers to a very different market: 2010. 10 years ago we were in a recession, houses were in foreclosure, the economy was tanked. Let’s see how things have changed.
First of all, we had about the same number of listings come on the market in 2010 (12,582) as in 2020 (13,311). However, the number of buyers was completely different. In 2010, we closed 5,778 home sales. This last year, we sold 11,680 homes.
Of course, the prices have gone up from a median of $129,000 to a median of $230,000. Inventory was another big change. Back in 2010, there were 5,592 homes on the market. At the end of 2020, we had 1,197. That’s a 78% drop in available homes, yet we still have all of these buyers.
In 2010, we were in a buyer’s market with 11 months of inventory. Today we’re in an extremely strong seller’s market with just 1.2 months of inventory.
What we’re experiencing will change, but for now, we are in a seller’s market, and I predict that we will be throughout the year. Right now, you have the opportunity to sell quickly and for top dollar. If you’d like to take advantage of the opportunities in this market, don’t hesitate to reach out via phone or email. I’d love to hear from you.