Here’s how our market has changed this past year based on recent numbers.
I’ve spent the last week poring over our first quarter’s market numbers, and today I’d like to share what I’ve found with you. Most of today’s information is going to be focused primarily on the seller side, as our market has a lot of opportunities for those looking to sell.
We can get perspective on our current market by looking at what it was like a year ago. The COVID-19 pandemic began around March, so the first quarter of 2020’s market was mostly unaffected. In last year’s first quarter, most homes sold for prices between $100,000 and $140,000. We sold 82 units in that range last year; the median price was $110,000 and the average was $135,000.
Things were a different story in the first quarter of 2021, however. This year, most homes have sold for between $120,000 and $140,000. However, the median price was $146,450, and the average was $172,000. Last year, that average price was $135,000.
It’s not that homes got better—it’s that buyers rushed into the market, and the competition caused prices to rise. For sellers, this means there’s a great opportunity to get a higher price on your sale. There are tons of buyers looking for homes right now, but there are 50% fewer listings available. If you’ve been thinking about selling, now’s the perfect time to do so.
There are a few things happening for buyers this April. Many just received their stimulus packages, and a lot of people are getting their tax returns. Interest rates are still low, and combined with this cash influx, it may be a good time to find a home. Even though prices may be higher than normal, investing in a property will bring you value both now and in the future.
Again, this spring provides a perfect opportunity for sellers to jump into the market. Now that the grass is turning green and the trees and flowers are blooming, homes are looking their best. Additionally, prices are high due to low inventory, and they’ll stay that way until more homes hit the market.
Next time, I’ll be helping buyers learn how they can win during multiple-offer situations. If you have any questions or would like more information in the meantime, feel free to reach out to me. I look forward to hearing from you soon.