Real Estate Stats December 2020 for Old Farm show homes are selling extremely fast in Old Farm, with an average of 3 days on market last month.
In fact, prices are up again in Old Farm. The median price is up 10.0% at $357,500 and the average price is up 3.7% at $350,250. 4 homes were sold in December and there are currently 3 homes pending sale as of 1/4. Last month homes sold for 103.6% of list price on average, meaning many sellers are getting above asking price for their homes. 78 homes were sold in Old Farm in 2020.
The Region As a Whole
We broke yet another price record with the average price up 19.9% at $437,168! The median price is up 15.2% year over year at $380,000. Sales remained strong even through the winter, with 1,376 homes sold in December, up 10.3%. Even with soaring prices, homes are more affordable now with such low interest rates. Rates are predicted to remain low for some time.
The average home sold for nearly 1% over list price in December.
What seemed to plague the real estate market the most during 2020 was the lack of inventory. December was no exception with inventory down roughly 56.2% in December. As of January 5th, there are only 525 homes for sale in the entire region. This lack of supply coupled with high demand has driven prices up and contributed to bidding wars amongst buyers.
If you are thinking of selling, NOW is the time. With high demand and low inventory, it is very much a seller’s market. Plus, record-low interest rates make it the ideal time to move up to your dream home.
To see more detailed information, please visit our Market Conditions page.
Please give us a call whether you are thinking of buying or selling!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360