Real Estate Stats November 2020 for Old Farm show homes are selling extremely fast in Old Farm, with an average of 2 days on market last month.
In fact, prices are up again in Old Farm. The median price is up 16.5% at $350,000 and the average price is up 18.6% at $359,333. 3 homes were sold in November and there are currently 4 homes pending sale as of 12/1. Last month homes sold for 102.7% of list price on average, meaning many sellers are getting above asking price for their homes.
Looking at the region as a whole, we saw double digit price increases in both the median and average price last month. The median is up 16.9% and the average is up 18.9%. This is great news for homeowners (all of that added equity) but not so great for buyers. However, buyers can actually afford more house now than ever before due to historically low interest rates!
Our inventory has reach unrivaled lows, with only 680 homes for sale of as 12/1 in the entire region. Last November we had 1,687 homes for sale. There are over 1,000 less homes on the market compared to last year, all while demand and prices continue to rise.
More buyers may need to begin considering new construction homes as an option. With such a decrease in existing home inventory, new builds may be the only option for some buyers. Please remember, we can represent you as your agent and advocate (at no cost to you!) just like any other transaction. The builder has a professional real estate representative who watches out for his or her best interests, and you need (and deserve!) the same expert representation watching out for yours. *Please call us before previewing new builds to ensure you have an expert there looking out for YOU. Most builders require your realtor to present on the first visit in order to have us represent you.
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. Has quarantining at home shown you everything you don’t like about your house? Do you need an office space, a home school area, or just room to hide from the people in your house? Now would be the time to move into something that better fits your needs!
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