And the first month of a new year is over! So how did the January market fare with low inventory and lots of multiple offer scenarios?
Through the last few months of 2020, we saw the market slow just a bit (here’s our December update). Houses are hitting the market and selling in just over a month, so things have still been pretty fast. It’s a good time to sell and a great way to jump ahead of the spring market.
In Oakland County, the average price point is $244,000. In this particular price band, we can see that the market is moving swiftly and smoothly. One very interesting trend that has been recurring is the over-asking, multiple offer scenarios. We’ve seen this trend playing out solidly across most price bands for at least four months now.
Compared to January 2020, the market this year is far more swift. Plus, the world was a bit shaky at the beginning of 2020 due to COVID and the transition to virtual. But we all pulled it together and now not even virtual showings can deter the market. It looks the January market speed will continue so keep an eye out for our February update.
As we all know, low inventory is as been the theme for the last year and it has continued into the new year. This has led to lots of multiple offer scenarios and super stressed buyers. With much lower available homes, the market is favoring sellers currently. This trend is most likely going to be the reality until the inventory hikes up. If you are looking for help in either selling or buying, we would be happy to advise!
On a more positive note, the list to sale price ratio is looking strong! January 2021 saw an increase of 1.4% over last year. While the beginning of 2020 favored buyers with a lower ratio, buyers can sleep easily with almost 99% of their asking price. However, multiple offer situations and over-asking acceptances can cause this ratio to increase.
(P.S. houses sell year-round. Yes, even during the holidays!)
The January market has performed well, especially in the sales aspect! Homes are being listed and sold in fewer and fewer days. In January 2021, sales increased by roughly 2.2% over January 2020. It’s a great start to a brand new year, let’s keep it up!
The January market saw a sales increase and shorter market times than 2020. It’s a nice way to start the new year after all the crazy of 2020.
If you would like to see how your home would perform in the current market, we’re always happy to advise and put together a market analysis. Simply reach out here: Contact Us.
Statistic Disclaimer: We’ve interpreted the current market data as reported by our Multiple Listing Service and CoreLogic.