Despite coronavirus concerns complicating our market activities with non-stop challenges beginning at the spring season and continuing now, the real estate markets across our Front Range are not just busy - they are THRIVING!
2020, with its social distancing and other restrictions, has disrupted many facets of life as we knew it. Moving forward, mitigation efforts have left their mark on our thinking about home buying and selling processes. Marketing strategies have certainly taken some interesting turns, according to surveys conducted by several real estate centric data-gathering platforms.
However, all of this has not dampened the desire to own a home. Quite the opposite!
By embracing all technology available and with adjustments to the viewing process, which includes a steep increase in sales after virtual touring only, most people indicated that their moving plans had not been changed, though they are taking alternative paths to see it happen.
Although perspective can be extremely diverse between buyer and seller, there are ample points both agree on, and that is proving enough to drive a strong market as 2020 comes to a close.
This strength is evidenced in 6641 of the 4665 homes available for sale in November, closing successfully across the Colorado front range. After just 29 Days on Market and at an average sale price of $559,720, it is clear our housing market is finding ways to adapt to shifting circumstances.
Year over year market data supports Sam Khater, Freddie Mac’s chief economist, who declares that not only will 2020 end strong, but the stability will carry over into 2021. November 2019 saw 6370 homes available during the month, 5621 closed sales, with 43 Days on Market at an average $499,610 sale price.
October saw a plethora of multiple offers on homes and November was no different. While the competition for existing inventory has calmed down a bit since the height of the summer market, it is still high and expected to continue into the New Year. Your local RE/MAX Alliance Associates are watching how other markets react to changes coming in 2021, and there is no reason to think the current slowing in the market is anything other than a normal seasonal occurrence. Predictions for our real estate markets remain optimistic for continued growth in equity gains, affordability, willing sellers, and eager buyers.
FROM OUR RE/MAX ALLIANCE FAMILY TO YOU AND YOURS,
HAPPY HOLIDAYS & WELCOME 2021!