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First of all, I would like to congratulate you for making it through this year in one piece (and hopefully with most of your sanity still intact). With so much anticipation brimming on the start of a new decade, 2020 definitely did not pan out in the way many of us expected. However, despite all of the pain and misfortunes this year has brought with it, I have at the same time been amazed by the resilience, courage, and camaraderie we have gained through this remarkable shared experience. This year has helped many of us put our priorities into perspective and the struggles we have overcome ultimately made us stronger as a community.
In the same way we saw our neighborhoods adapt and prevail, so has the strength of the real estate market. Over this year, homes have consistently been taking about a month on average to sell. Though inventory has remained low since the initial shutdown in March, the intense level of demand this created has kept home values high and the market competitive. In fact, in December 2020 homes sold approximately 38% faster than they did at the same time last year.
Going into 2021, the speed of home sales will likely slow down a bit after a busier than normal end of the year. If inventory remains tight though, that momentum will build back up as we move into the typical spring selling season. Home price growth should continue to slowly rise as well - or at least remain relatively constant - due to such high demand. If the new year brings more sellers to the market, home sales and price growth will not be as dramatic; however, it would relieve much of the pent up pressure on buyer demand and provide more opportunities and purchase power for those looking to buy.
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