the Real News

“If you can count your money, you don’t have a billion dollars.”

– J. Paul Getty (1892 - 1976)

2017, 2018 and 2019 each surpassed $1 billion in total dollar volume, with 2018 breaking the record for the all-time record year in dollar volume, topping $1.2 billion. 2019 pulled back from 2018’s lofty levels, coming in just under 2017’s totals.  COVID19 all but halted the real estate market for a few months in 2020, however 2020 ended as the all-time record holder nearly reaching $2 billion in sales. Through the third quarter, 2021 is ahead of 2020 at this point and is on pace to possibly surpass 2020’s year-end total. Let’s take a look.

 

In real estate analysis, we need to look backward in order to look forward. Looking back over recent years (for comparison to 2021), we see that in 2019, there were 472 transactions (down 13% from 2018), and a total dollar volume of $1.019 billion (down 15% from 2018). In 2020, there were 679 transactions (up 43% compared to 2019), and a total dollar volume of $1.895 billion (up 86% compared to 2019).

In 2019, the average home sale was $2.481 million (down 5% from 2018), with 85 sales over $3 million, 30 over $5 million, and 4 home sales over $10 million. The average sale in the $500,000 to $999,000 range was $798,000, 1% above 2018 for this market segment.

For 2020, the average home sale was $3,225,000 (up 29% from 2019), supported by 461 sales over $1 million, representing 86% of the market by dollar volume, 195 sales over $3 million, 87 sales over $5 million (representing 37% of the market), and 14 sales over $10 million. Over $300 million in sales volume took place in each of September and October 2020 alone, setting all-time records for single months.

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