2020 was a crazy and amazing year in real estate! When COVID first hit our community in March, we were not sure what to expect just like the rest of the world. We saw it take its toll on the first month or so of the pandemic, but then things slowly started to pick back up. Before long it was off to the races!
There were several factors that played into the booming real estate market that evolved in 2020. For starters, many buyers wanted to take advantage of the low interest rates. As family life became more centered around the home when activities and school were cancelled, people began to reevaluate whether or not their current home was truly fitting their needs. Many people began working from home and a home office space became a necessity for many of my clients. It is difficult to continue settling with dissatisfaction with your home when you are spending most of your time within its walls! The following statistics cover the Tazewell, Peoria, and Woodford Counties.
Because of these developments, the inventory could not keep up with the demand this year! In fact, I know there are many buyers still out there but only a few homes to look at. In 2020 there were a total of 7,819 new listings as compared to 8,338 new listings in 2019. That is a crazy decrease of 6.2%!! Pending sales increased by 19.9% in 2020 over 2019 and closed sales increased by 18.8% in 2020. The average cumulative days on the market before a property sold decreased by 11.1%, down to 88 days on the market. The average sales price increased by 7.0% in 2020 from $138,672 in 2019 to $148,385. The percent of original listing price received increased by 1.6% up to 92.8%. In 2019 our month’s supply of homes on the market was 4.2%, and at the end of 2020 it had dropped to 2.2% down 52.2%. What does this mean? Basically, if no new homes are listed, it would take 2.2 months to sell all of the homes currently listed, at the current rate they have been selling. Astonishingly, at the end of 2019 we had 2,101 active homes for sale and at the end of 2020, there were only 1,217 active homes. This means inventory was down 42.1%. As the numbers show, real estate has been an active and exciting field to be involved in this year, and I have been so honored to have assisted so many wonderful clients and friends in “unlocking new doors”
With a new year upon us, I would love to talk about your real estate needs in 2021. The market is in great need of inventory, so if you are contemplating selling, this is a great time to be putting your home on the market. I would love to walk alongside you in this journey, so please give me a call with any questions!