The 2020 Market Ended on a High Note With Home Prices, Despite Inventory Hitting a Record-Low!
2020 may be officially over, but this past year’s influence on the real estate market still can be seen. According to The REALTORS® Association of Grey Bruce Owen Sound, December was a month of both record highs and lows, as prices continued to rise and active listings continued to be few and far between.
December’s market update reports that the number of homes sold through our local MLS® System (REALTORS® Association of Grey Bruce Owen Sound) totalled 203, marking an increase of 50.4% from December 2019. Throughout 2020, however, 3,379 units were sold!
Home prices increased by 39.2% from December 2019, with the average price of homes sold reaching $555,846. What is even more impressive is the total of all home sales recorded in December 2020 alone, reaching 112.8 million; resulting in an increase of 109.3% from December 2019.
While 144 new residential listings were introduced over the past month, amounting to the highest number of listings added in December in five years, there were only 294 active residential listings by the end of the month. The market has not experienced such few active listings during December in over 30 years! With inventory low and prices high, now sold units were on the market on average for 1.4 months, down from 5.2 months of December last year.
2020 was a year for records to be broken. What will 2021 hold? Stay tuned and speak with our team. We will help you navigate the real estate market and take your house from “For Sale” to “Sold.”
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