January 2021 Market Stats

Wow, 2020 was a challenging year! With so much that happened across the country, you might be wondering how it’ll continue to impact real estate trends in 2021. We saw in January that these trends aren't stopping in 2021!

This is probably the hardest pill to swallow for buyers -- so be aware: Inventory has been incredibly low and we see this in January as well! For perspective, inventory was down nearly 51% in January compared to last year in 2020! There just weren't enough houses for sale over the year to continue to meet the buyer demand!

What does this mean for buyers?

Low inventory means you need to be on your toes when you go house hunting -- the best homes will be picked up FAST. The average days on market for January was 28 days, which is 52% quicker compared to last year in January. That doesn't leave much time to hem and haw over your home search. If you want to find a good home in this slim market, here's some advice:

Sacrifice some wants. If you can't find the house you want, be willing to give up some "nice-to-haves" for your "must-haves." You can always upgrade your home over time, the goal right now is to find a home that'll work for you for the time being!

Expand your search. What if the location where you're planning to buy is too competitive? You might be surprised at the gem you can find in a less popular neighborhood. That's why it's always smart to have a local agent in the area that you're looking in.

What does this mean for sellers?

Low inventory means low selling competition! There were only 451 new homes that came on the market with the average home price for the Antelope Valley was $388,455.88! That is 22% HIGHER than January in 2020. Since your home will be one of the (relatively) few listed on the market, you could be in the driver’s seat. So enjoy possibly picking the best offer and moving at a pace that best suits your timeline. But after your home is sold, you probably won’t be in the driver’s seat anymore (if you’re buying again). So decide on plans for your next home before you sell.

If you have any questions about the real estate market and what to expect with selling or buying a home, don't be afraid to reach out!

My email is: mike@avwatson.com

Cell: 661-733-2196