October 2021 Prices Remain High Even As Number of Sales Fall
In a turnaround from 2020s frenzied fall market, 2021 presents with sales figures more similar to the seasonal nature of 2019. With the majority of homes closing in October being purchased after the start of school, it is no surprise that the number of sales decreased as it does in a more normal market. As a comparison, October 2020 saw 131 homes sold, while only 32 closed in 2021 and 42 in 2019. Overall sales figures also showed a similar pattern for October 2021 with a 71% decrease from October 2020, but only a 2% decrease when compared to 2019. The overall sales volume in October 2021 was $32,004,400. On the flip side, both the median and average sales prices remain high when comparing past years. The October 2021 median sales price sits at $794,500 which is 9% higher than $730,000 in 2020, and 30% higher than $611,250 in 2019. The average sale price was $1,000,153 in October 2021; 17% higher than $850,161 in 2020, and 28% higher than $779,349 in 2019.
Year To Date Sales Compare Favorably To 2020
While the monthly sales show a return to seasonality, overall the year to date sales and values show an increase over 2020. From January to October 2021 a total of 424 homes sold, which is comparable to the 435 homes changing hands by this time last year. The overall sales volume was actually up 15% during the same time as last year coming in at $397,473,336 in 2021. Median and average values also showed steady increases. The median value to date sits at $822,500 compared to $690,500 in 2020; an increase of 19%. The average value is up 18% from 2020 at $937,437 compared to $795,420.
What Lies Ahead?
While it’s impossible to predict the real estate market, we are seeing sales steady out at more normal levels across all price points. Inventory is still unnervingly low going into the holiday season, but we’re hoping that the increased values and more certainty about Covid-19 leads to increasing consumer confidence. Real estate has become a solid investment throughout the pandemic, and it will be interesting to see if the trend of urban to suburban moves continues or reverses itself in the coming year.