2020 Housing Market Recap, Both Local (Denver, NC) & National Level

Dated: January 15 2021

Views: 163

As we close the chapter on 2020 and welcome 2021 with open arms; I would like to look back and reflect on some of the silver linings we received amongst all the craziness and uncertainties we faced in 2020.

Thankfully, we experienced a strong year in the housing market both nationally and locally. On an individual level, our strong market attributed to several personal accomplishments. Some of those I would like to highlight include:

·      Lake Norman Realty’s Top Sales & Listing Associate for September

·      Recognized as a “Five Star Professional”

·      Awarded Five Star Professional’s “Rising Star"

If you are a home owner in Denver, I hope you are happy to hear our local housing market remained healthy and strong even during these unprecedented and scary times.  The details I provide throughout this recap will support this claim, and by the end I hope you will feel more optimistic towards a great 2021!

“The US Hosing Market ends 2020 as the most out-performing sector of the economy.” If you would have told me this in March, I would have given it a 0% believability score. On a national and local level, the first couple months were performing in a typical manner, but then March arrived and Covid showed its ugly head. 

Economic uncertainty coupled with uncertainties towards health and safety made listings pull back. Even for several weeks, real estate agents in NC were not considered essential, therefore disbarring us from showing available homes to clients. 9 months later, and we are still experiencing a shortage in listings. 

The shortage in listings, coupled with record low interest rates, has created a surge in buyer demand.  This lack of supply saw home prices surge to their highest nationwide in September.

Denver’s median home price is $350,000 (up 5% from this time last year) and days on market is down 25% (average 29 days). This is also our highest median home price in history.

The $350,000 median home price can particularly be attributed to the new construction developments our area is experiencing. These new developments range from $300,000-$500,000. With more than 4,100 homes planned for eastern Lincoln County, growth will continue to accelerate.  

As previously mentioned, Mortgage rates have encouraged people to buy. My preferred lender, Matt Pawlowski with Element Funding, provided me with some insights into what lenders are expecting. According to Matt, interest rates hit record lows, with December marking the lowest rate of all time at 2.66% for a 30 year fixed mortgage rate. Heading into 2021, lenders are seeing an average rate of 2.76% and expect rates to remain low. These low rate make it an ideal time to either buy or refinance.

In summary, low interest rates makes it a great time to buy, and a limited amount of inventory makes it a great time to sell.

If you are interested on a price evaluation of your home, or more information on my unique services, please feel free to contact me, Marty Wilcox. If you are interested in your financing options, I also highly encourage you to reach out to my preferred lender, Matt Pawlowski. Both of our contact information is below!

I hope you have enjoyed this 2020 recap and found it informative. I wish you and your family a very happy and healthy 2021!!!

Sincerely,

 

 

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Marty Wilcox

Although originally from West Virginia, I fell in love with North Carolina at an early age. As a child, we would spend summers at my family’s Lake Norman vacation home. Throughout the years, I have ....

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