Lochwood Market Update – January 2021

Hello and Happy New Year, neighbor.

Once again, I find myself starting this blog with an apology for not sending you an update for the past several months. The fall and winter markets have been extremely active and have kept me very busy. We typically experience a slowdown when the holidays start or when there is an election, but not in 2020. That’s good news if you have been contemplating selling your home. Demand is strong, inventory is in short supply, and the cost of borrowing money is cheap. These are the ideal fundamentals for a strong sellers market and high levels of appreciation.

Let’s look at the big picture – year over year results for December 2020 (table below). Overall, 11 home sales closed last month, which is the same amount of sales that closed in December 2019. The median sale price was lower than 2019, but that does not concern me because many of the homes that sold last month were smaller homes. The most substantial changes were in the number of days a house was on the market before selling. That number was down from 28 days in December 2019 to 4 days in December 2020. Additionally, the number of homes for sale was much lower in 2020 than it was in 2019. Looking ahead to January, we will likely see more sales than January 2020 because there were three times the number of sales pending as there were at the end of 2019.

The table below details the home sales that closed in December 2020. As always, feel free to contact me if you have questions about any of these sale.

Overall, I believe 2021 is going to be another strong year for our neighborhood real estate market. Homes that are priced correctly for their condition will move quickly. Homes that are overpriced will likely sit on the market until the asking price is in line with the market value. If you’ve been thinking of making a change, now is a great time to start having the conversation about how to best prepare your home for the market. If you’re content where you are, then let’s talk later in the spring when you receive your assessed market value from the appraisal district, so that I can help you determine whether or not it’s worth your time to protest the value they assign to your home.

Be well! I look forward to hearing from you soon!