In the tail end of 2020, Buyers and Sellers alike have been affected by the dramatic decrease in active residential listings. Active listings in Q4 2020 saw a 16% quarter-over-quarter decrease, which is relatively minimal when compared to the 47% year-over-year decrease. The significant lack of inventory this quarter has motivated Buyers to make quick decisions and write competitive offers, which is reflected in a 29% decrease in average days on the market and a 14% increase in average sale prices when compared to Q4 2019. The average American home equity has skyrocketed this year, with an average gain of $17,000 (American Community Survey, Corelogic). In today’s market, selling may feel like a breeze, but the path to homeownership can be very challenging for buyers. With a PJ Morgan Real Estate REALTOR® on your side, your transition into a new home will be in good hands!
“The housing market has remained a strong pillar in an otherwise tumultuous economic year. A sharp rise in demand, spurred by record-low interest rates, continues to bolster homeowner equity. And with many people now spending more time than ever before at home, some homeowners have tapped into their strengthening equity to fund renovations.“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”-Mark Fleming,
Chief Economist at First American