It’s finally here!  The New Year that we have all eagerly awaited.  But what will this New Year look like?  Will the housing market continue on the same trajectory as the second half of 2020 with low inventory, increased prices, and strong buyer demand?  The resounding answer appears to be YES!

Right now there are THREE truths in our regional market:

Experts are predicting that the Real Estate market might be just as busy, or busier than in 2020.  Here’s a look at how the year 2020 finished:

Graphs displaying the units sold for single-family homes, condos, and land in 2020

 

Low mortgage rates, tight inventory, and vaccine optimism create the perfect backdrop for a robust and competitive real estate market to kick off 2021. With an influx of Buyers from densely populated areas such as Boston and New York, Stowe and its surrounding towns are positioned to do well in 2021, assuming we see increased inventory in the spring…

As this article is written the current inventory for Waterbury is 5 single-family homes with a median price of $925,000 and nothing available below $600,000. Morristown has a total of 9 active listings, a median of $400,000 however with a more realistic spread starting at $229,900. Stowe, with the greatest inventory of 14 (far below the average inventory for this time of year) is lacking in lower-end properties with a current median list price of $1,837,500.

According to national economists, home values are predicted to increase by 7% and interest rates should remain competitive.  With a new President in office and the end of the pandemic in sight, optimism remains high and experts expect inventory levels to rise. However with demand for homes remaining high, it will continue to be a seller’s market; however, prices could appreciate at a slower rate creating more opportunities for buyers to get into the market.

Stay tuned as we proceed through what will prove to be another interesting year in real estate.