the Real News

“Humankind cannot stand very much reality.”

 -- T.S. Eliot  (1888 - 1965)

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.  2020 began quite strong compared to how 2019 began, until COVID-19 emerged, all but halting market activity. The second half of the 2020 however, saw an unprecedented ballooning of the market, easily blowing away even many recent single year totals. 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 2020), we see that in 2018, there were 543 total transactions (a 0% decrease over the 546 transactions for 2017), and a total dollar volume of $1.202 billion, a 13% increase from the $1.066 billion for 2017. At the end of 2019, there were 472 transactions (down 13% from 2018), and a total dollar volume of $1.028 billion (down 15% from 2018). In 2020, there were 679 transactions (up 43% compared to 2019), and a total dollar volume of $1.917 billion (up 88% compared to 2019 – told you there was a ballooning!).

In 2018, the average home sale was $2.615 million (up 10% from 2017), supported by 83 home sales over $3 million, 44 home sales over $5 million and 11 home sales over $10 million. The average sale in the $500,000 to $999,000 range was $788,000, up about 4% from the $758,000 average for this market segment in 2017. 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.

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