2020 Year-End Market Report
2020 was certainly an interesting year in real estate. During lock-down in March, I would have never predicted 2020 to be a record selling year. Covid certainly pushed our real estate market. The biggest driving force…working from home. Without being tied to an office, many were able to work from a place they loved. Surrounded by miles and miles of open space, Gunnison Valley provided a safe haven during the pandemic, enabling people to recreate outdoors while still social distancing.
Both Single-family and condo/townhomes had big increases in the number of sales; single-family up 30%, and condo/townhomes up 21%. Covid was the push for more buyers to purchase single-family homes. Not only do single-family homes provide more living space, but there are also no common areas that are shared with others.
I believe that the pandemic has created a mindset shift in potential buyers and what they deem necessary in purchasing a home. We are still very much affected by Covid and as many search for a place where they can work, live, and play safely, sales will likely continue. Although our number of sales in 2021 may not match 2020 numbers, lower inventory tends to drive up prices so our average sales price will continue to increase.