CBCRE 2020 Year-End Market Report by Coldwell Banker Carlson Real Estate
A Year Like No Other! 2020 will be remembered for many significant events, not the least of which was a global pandemic. Despite the enormous challenges our country and communities had to face and navigate, the desire to pursue homeownership never waned; and ultimately became a driving force throughout the year as we’ve never seen in our market area before. Once buyers were able to actively pursue the purchase of properties again, after ‘stay at home’ orders were lifted, real estate sales began to surge, creating a competitive experience for buyers, and resulting in a seller’s market, whereby multiple offers were not uncommon, causing prices to rise in many cases. For years now, we have seen steady increases in buyer demand and pricing, yet at the same time, consumers have been hampered by very little inventory to choose from. Last year’s numbers set new markers including record-low mortgage rates which were as low as 2.72% for a 30-year, providing, even more buying power.
COVID related events also had an impact on the way homeowners are looking at and reimagining their lifestyle. With a new focus on design elements and changing needs, many redesigned their living spaces, engaged enhanced technology, and put an emphasis on creating more outdoor living. Not to mention the ability to work remotely, allowing homeowners to work from home, or from their second homes, without interruption to their workweek.
It’s hard to overstate the unprecedented downward trend of listing inventory, yet, like everyone during these times, buyers adapted to those challenges by considering other options like condominiums, land, and expanding their target market area of choice. New construction was spurred by a notable increase in land sales, as an alternative. Not only did they adapt their search criteria, but buyers also adapted to the way they conducted these searches, often employing Facetime showings, video, and virtual tours to remain competitive when they could not travel to view homes. Some even purchased a property without an actual on-site visit.
Another difference for 2020 was the remarkable increase in luxury home purchases in Stowe, after years of lagging sales. Home sales over 1 million dollars more than doubled compared to 2019 and represented almost one-third of all home sales in Stowe which was 2 times more than the year prior (31% vs.16%).
As we watch the trends for 2021 unfold, we provide you with our comprehensive market overview of 2020, as compared to 2019. And we thank all those in our close-knit community who have helped to keep us all safe and sound, and able to enjoy this wonderful place we call home.
Archived CBCRE Market Reports
- 2019 Year-End Stowe Area Real Estate Market Report, Download Here
- 2018 Year-End Stowe Area Real Estate Market Report, Download Here
- 2017 Year-End Stowe Area Real Estate Market Report, Download Here
- 2016 Year-End Stowe Area Market Report
- 2015 Year-End CBCRE Report
- 2014 Year-End Smith Macdonald Report
- 2013 Year-End Smith Macdonald Report
- 2012 Year-End Smith Macdonald Report
- 2011 Year-End Smith Macdonald Report
- 2010 Year-End Smith Macdonald Report