South Shore Statistics 2020

W H A T   A   Y E A R !

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OUR ANALYSIS OF THE REAL ESTATE YEAR IN REVIEW...

...AND OUR FUTURE

Compliments of Engel & Völkers South Shore

Clearly we had a fabulous 2020 in real estate based on the statistics above.  Let's break down what it all actually means for you.

Average Sales Price:  As you can see in the graphic above, the average sales price across all single family homes on the South Shore was up 10% or an average of $53,582.00 per home.  And we would say, "that's about right".  We found on most properties that the increase in value from 2019 was around 10% on average.  However, some properties saw even higher increases in value.  This was dependent on town, size and location of the home.  For example, if you owned a waterfront home in Plymouth, you most likely saw an average increase of 15% in value from 2019.  (This number is established from your 'base-line' value*).  As another example, if you owned a home such as a 3 bedroom ranch in Kingston, you most likely saw an increase in value of around 20%.

 Average Days On Market:  Homes sold 7 days faster in 2020 than in 2019.  While properties were flying off the market, it ultimately only equated to 7 days less of marketing overall as compared to the prior year.

 Total Homes Sold:  There were 573 more homes sold in 2020 than in 2019.  Which is interesting because the inventory in 2020 was at historic lows for the South Shore.  So even though we had less inventory on a week to week basis as the pandemic continued, we actually had more homes to sell throughout the year.

 A Stat not shown above:  While this stat is not in the infographic above, it is important to note.  The Average Sales Price to Average List Price for 2019 was 114%.  Meaning, the typical homeowner received an offer at 114% of their listing price in 2019 vs. 101% of their listing price in 2020.  This is a reduction of 11%.  Why is this important to know?  Because this information tells us that most home owners were listing their homes closer to their actual value than in the prior year, which helps us with future pricing strategies.

 If you are interested in understanding the impact of these statistics in your neighborhood and for your home, give us a call and we will happily create a base-line value analysis for you.

W H A T  2 0 2 1  W I L L   B R I N G

While none of us has a crystal ball, all signs are pointing to another wild ride in 2021.  

The main questions being asked are;  “where do I live? where do I work?”  The freedom to work where we live and visa versa will continue to dissolve state and regional boundaries.  We have defied all technological speed in which something becomes integrated into our daily lives due to the pandemic.  Thus, people are moving about the country, testing out locations for a month or so at a time while they work remotely.  Lives are being forever altered on so many levels and where they live has become a point of major transformation.  We are undoing centuries of rigid home to work arrangements and entering a new dimension, with community identities, family connections and transportation networks all being reshaped over the next decade. 

With all of this upheaval will bring a new awareness around the importance of lifestyle.  Some will commune with other family members, requiring an upgrade in space, some will realize they don't need the large home for two anymore and some will be drawn back to major cities while others continue to flee.  Regardless of the choice, the reality is that real estate will remain a priority in peoples lives, at least through the end of 2021.

Moving forward, we expect 2021 sales to increase another 10%.   With interest rates remaining at all time lows, lack of current inventory, the pandemic, high unemployment, and more people working from home than ever, the expectation is for another robust year of real estate sales.  See what Forbes has to say here.

So what does this mean for you?  That depends on your circumstances.  But if you are thinking of selling, there has never been a better time, ever.

 *Base-line value meaning:  serving as a basis of measure or position used to calculate something.  For home owners, that is an estate planning valuation, which should be done annually.  Feel free to call us for your base-line valuation.