Real Estate Recap: 2020 in Review
2020 was an unusual year to say the least! When it comes to real estate, we are officially in the middle of one of the strongest seller’s markets we’ve seen in years. Let’s take a look at the stats to see what that meant for the market in 2020 and where it leaves us now.
Covid took an already competitive market and pushed it further than we could’ve ever imagined thanks to an increase in buyer demand and a decrease in inventory and interest rates. When the lockdown began, many listings were pulled off the market or delayed, all while everyone was spending more time in their homes than ever before. With no where to spend their money, many people started thinking about renovating their current home or perhaps upgrading to a new one. Add them on top of the already massive subset of buyers who were ready to buy their first house (even more so now that they felt trapped in their current living situation) and you end up with a historic amount of buyers waiting to enter the market.
Finally, restrictions eased up and homes started hitting the market, but there just weren’t enough to satisfy the demand. Homes were selling left and right, often for way over asking price as buyers found themselves in bidding wars for a place to live. Let’s take a look at some of 2020’s stats to see what that really meant for the housing market:
2020 Housing Market Stats
These stats focus on the towns we are most familiar with:
Attleboro, Canton, Easton, Foxboro, Franklin, Mansfield, Norfolk, N. Attleboro, Norton, Plainville, Sharon, Stoughton & Wrentham
Single-family Homes
2020
Total Homes Sold: 2877
Average Days on Market: 44
Average Sale Price: $522,390
Sale Price to List Price Ratio: 101%
2019
Total Homes Sold: 2824
Average Days on Market: 56
Average Sale Price: $485,910
Sale Price to List Price Ratio: 99%
Condos
2020
Total Condos Sold: 1001
Average Days on Market: 47
Average Sale Price: $348,956
Sale Price to List Price Ratio: 101%
2019
Total Condos Sold: 927
Average Days on Market: 56
Average Sale Price: $309,347
Sale Price to List Price Ratio: 100%
The stats are a little surprising! Anecdotally, it felt like there were far less homes on the market last year than in 2019, but that wasn’t true. There were actually more homes sold in 2020, they just were on the market less time with a majority of them selling after their first showings or open house.
Price-wise, Massachusetts already high real estate values went even higher. Single-family homes and condos both saw about a 10% jump in values! On top of that, the average sale was closing for 101% of the list price (asking price). There were a lot of happy sellers out there!
Where do we stand now?
The market is still strong in the seller’s favor. In fact, inventory is lower than before thanks it being mid-winter. If you’re thinking about selling, now is a great time to learn what your home is worth. But keep in mind, getting a lot of money for your house is only part of the equation. You need to consider where you will go from there. May we suggest: Should you sell in a seller’s market?