I find myself saying “It’s a Strange World” so often lately! As I evaluate our current Real Estate Market, the phrase – though redundant, is apropos. When Covid 19 became a reality in March of this year, I thought “Oh No, this is really going to stifle the Real Estate Market”; and for a couple of weeks it was slow -Only for a couple of weeks though….I was very wrong.
Believe it or not, right now there 48 active homes on the market; and that includes 5 mobile homes and a tiny home that are technically personal property; leaving just 42 homes listed on the MLS (that includes townhouses). That means there are 76% fewer homes available now than we had last year at this time.
In comparing 4th quarter 2020 statistics with the 4th quarter of 2019, the NUMBER OF HOME SALES IN 2020 WAS UP 24%, while the number of homes listed was down almost 28%. Of course the low supply and high demand precipitated a huge price increase. Home prices rose over 20% year to date, with a current average home sale price in Cache Valley of $332,880, and an average price per foot of $149. (caveat: as I’ve previously described, this is a general figure for ALL homes – brand new, old, small, large etc… Pricing is very specific to home size, age, home type and area. A market analysis or appraisal using sold comparables is the only way to accurately gauge home value.)
The figures aforementioned show that despite the continuing building boom, housing demand exceeds supply. We continue to experience an influx of migration from other states. Individuals and families – able to work remotely now- are flocking to rural areas such as ours, where quality of life, outdoor recreation and safety can be had. Hopefully the quality of life here can be maintained despite the population increase.
Please let me know if you need a market evaluation on your home. Selling or refinancing may make sense, but it’s important to be completely educated before any real estate decisions are made.
I wish you Health and Happiness, Peace and Plenty in 2021!