You’re looking at a picture of a lovely Franklin home, which happens to be the 40th home sale Closed by my business partner, Flint Adam, and I since January 1st!
We helped the Buyers of this home win in a multiple offer situation, and then sold their home — all in perfect timing.
It’s been a busy year for Beacon Real Estate and for a team that loves to dig into data and statistics, this is a fun one to talk about for us. During a worldwide pandemic, we have been consistent in our methodology, safely guiding our clients home. With so few Sellers hitting the market during all of Covid-19, and Buyers taking extra precautions, Buying and Selling homes hasn’t been easy but we are honored to be helping so many of our friends, family and neighbors.
What’s Happening Now
I’ve been keeping you posted on our Grassland Real Estate temperature through this roller-coaster of a Covid-era market ride. As we’ve seen ups and downs in active cases and Stay-Home orders, our market has had its own ups and downs. This chart draws a picture of the number of Grassland closings per month since January 2019:
Keep in mind, there is a natural peak season, as illustrated by the spike of 65 in June of 2019. You can see our sales volume significantly dropped off in May and June of this year for obvious reasons. The significance comes when you compare year to year. For example, there were 36 Closings here in September 2020 and only 32 Closings in September 2019.
Here’s what you’re seeing in the chart above – Grassland’s 2020 sales volume compared to 2019:
- January: +25%
- February: -9%
- March: -10%
- April: -15%
- May: -44%
- June: -48%
- July: +12%
- August: +41%
- September: +11%
- October so far.. +24% (and will likely settle higher as the month closes out).
You can see since July, our sales volume has been rebounding to pre-pandemic levels. By this time every year, we’re heading into a slower Real Estate market (see 2019’s trend). But you can see 2020 is trending differently. I mean, why wouldn’t this be different in 2020. Ha!
Franklin Lender Joseph Porter says nationwide, there has been an increase in the number of existing home sales (not new construction), which shot up 9.4% in September. The number of home sales nationwide is now 13.5% above their pre-pandemic level and this trend is expected to continue! Porter says, “The GDP-Advance read is expected to post the best ever annual gain in Q3 following the worst ever annual drop in Q2. That would signal the start of a V-shaped recovery for the entire economy. ”
Home Prices are Growing, Too
Our market continues full speed ahead toward November. Home sales prices here in Grassland have increased 33% year-over-year (September 2019 to September 2020)! This is incredible. And it’s fueled mostly by low inventory (more Buyers here than homes For Sale) and low mortgage interest rates.
A study released by Zillow this month points out residential home values nationwide having the largest month-over-month increase in 15 years, the largest quarterly growth seen in seven years and annual growth at the highest rate in nearly two years. Zillow Chief Economist Jeff Tucker says, “Even the rate of price acceleration is growing more quickly than at any time in the past six years.”
Right now, we have 48 homes For Sale in Grassland. The median price is $1.367,500!
The 37 Grassland homes that have already Sold so far in October 2020 had a median price of $730,405 and spent a median of 2 days on market.
Zillow’s most recent forecast predicts 7% percent home price growth in the coming year.
So Your Plans Got Delayed
This is pretty much the case with everyone, thanks to Covid. Just because our market took a dive February through June, though, doesn’t mean we totally missed our peak Real Estate season in 2020. As you saw in the graph above, there are more homes selling right now than last October, thanks to pent-up demand from Stay-Home orders. If you’re wanting to hit the market, you should do it sooner rather than later, while pent-up demand and low mortgage interest rates are still in your favor.
You could be among our clients Selling and Buying right now, settled into your new home in just a matter of weeks.
If you’re thinking of selling or buying a home, I’m happy to help you and give you honest advice. I’m a Grassland area resident and I’m a Platinum Award-winning Williamson County REALTOR® ranking in the top 2%. My business partner and I have been featured on TV and our success is the topic of an article in the July 2020 edition of Nashville Real Producers magazine. But most importantly, I specialize in helping my friends and neighbors buy and sell homes!