Here are some noteworthy numbers to know in real estate these days.
It’s hard to believe that it’s already November. The October real estate numbers are in for this year, and today we’re comparing them to the ones we saw in 2020.
Before we dive in, it’s important to put things in perspective. In spring 2020, we had the unknowns and shutdowns associated with the pandemic that kept home sales down for a couple of months. Those sales did not go away. Rather, they got pushed to the fall.
In 2020, we had an unequal distribution of sales in the fall as compared to other years. Around 60% of 2020’s home sales were done in the fall. When we look at 2019 and 2021’s numbers, we see a much more equal distribution of sales in the spring and fall.
The first statistic you should know is that despite the fact we had such a busy fall in 2020, we saw home prices rise 3% year over year. Also, homes were selling about 10 days faster on average in October 2021 compared to October 2020. If we go back to September, we see the same thing. Prices were up 6% in September 2021 over September 2020, and homes sold an average of 10 days faster than the previous year.
These are some interesting numbers to see despite the home sale boom last fall. It will be equally as interesting to watch as we head toward the end of the year.
If you have questions about these numbers or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.