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2020 RECAP Predictions and Prices

David Kurt

What made you decide to get into real estate? I was one year into working a “real job”; the type you study hard and go to University for when I re...

What made you decide to get into real estate? I was one year into working a “real job”; the type you study hard and go to University for when I re...

Dec 31 5 minutes read

2020 RECAP PREDICTIONS AND PRICES

As it's almost time to say goodbye to 2020, we welcome YOU back to the very last episode of Selling the Rock until the New Year! Tristan and Dave are excited about this one - it's time for the Annual Wrap Up! 

Last year, we sat down in December of 2019 and shared  our 3 BIG BOLD PREDICTIONS for 2020...today we will be returning to these predictions to see if any of them panned out this year! 👀 We will also be recapping the housing market in general - what happened in the year of 2020. I know many of you have been following David's 5 Bullet Fridays, which provide weekly Sudbury market updates...but man it was truly a crazy year! 🏡

First of all, we are in a Global Pandemic - which has definitely taken us for a shock and threw a curve in our whole year...and as we sit here we are in the midst of another province wide lockdown. It's starting to seem like this isn't going to end; Deja Vu.

All right, Here we go - Join us as we revisit our Big Bold Predictions for 2020! 😂

Dave's Predictions 🔮
1. 2020 would steer away from a balanced marketplace, turning into a seller's market
2. We would enter the gig economy and would embrace the Airbnb lifestyle
3. Nickel prices were going to be soaring high 

Tristan's Predictions 🔮 
1. The avg. sale price by the end of 2020 would be $320k
2. 2020 would entail a lot less buyers and fewer sales
3. Fewer sellers in general 

True or false? Tune in to find out! 😉 

Dave and Tristan Break down 2020 year over year into different subsections:

% OF LIST TO SALE PRICE 🏷
In 2019, we saw between 96-97% as an avg. I know at the time, our team had beat the market at 1.5 or 1.8%. In 2020, we were 97-100% depending on the month. In Sept of 2020, we actually hit 100% list to sale price ratio! This means that the avg. house sold for full price at least!

DAYS ON MARKET 🗓
Jan. and Feb. of 2020 started with 90ish days on the market and that was about the same as the year before. During the summer, we were between 50 and 65 (which was similar to 2019 as well). It was really in the last quarter of 2020 that we saw the days on market drop significantly! They were about half of the number they were in 2019! 😮 So, there's a few things at play here - COVID was a time where we expected a huge uptake in days on market and I think we saw that in March and April as those days on market were quite a bit higher.

MONTHS OF INVENTORY 🏘
From a real estate perspective, we're taught that anything between 7-9 months of inventory...and what that means is if there was no new products put on the market, if all the houses would sell based on the buyers buying that avg. # of houses every month, if the homes would disappear between 7-9 months, that would be a balanced marketplace. If it was more than 9 months of inventory (10+ months) than we'd be in what is called a buyers market. If there is less than 6 months of inventory, it's a sellers marketplace. In April, we saw 8 months of inventory (the biggest COVID month), putting us at a higher end of a buyer's market...almost leaning towards a balanced marketplace. Since then, summer 2020 we had 3 months of inventory!! Which is crazy! 🏡

# OF NEW LISTINGS ➕
2019 we saw 3,850 listings and in 2020 we saw 3,500. So a shortage of about 350 (10% of the market), which is kind of interesting to look at. Breaking this down, the first quarter was about the same for new listings. It was April and May we were in a shortage of 350 listings! We saw a small shortage in the summer months by about 10% and come the last quarter, we actually increased 10% year over year. We're in a global pandemic...there's no book that has the answers to the what and why this has happened...but there was a lot of people that were afraid to list their house. Sure, they saw the prices going up, but the fear of not knowing whether they could sell safely in a time where open houses were banned may have been holding them back.

# OF SALES 💸
We saw 35 fewer listings in 2020...but we actually saw 150 more sales with those fewer listings. In 2020, we saw 2450 sales and in 2019 we saw 2300. That's a pretty big drop, considering we're looking at a smaller piece of pizza with more people wanting a slice...🍕

AVG. SALE PRICE 🏡
We saw an avg. sale price of $335k for all of 2020. In 2019, when we were having these conversations about our big predictions, we were just approaching $290k...that's a $45k increase, which is huge for Sudbury - especially from a province wide perspective.

Wow, what a year 2020! We hope, first and foremost, you have stayed safe during this global pandemic! Let's hope 2021 blesses you with health, happiness and another great year moving forward!


 

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