Real Estate Activity for The Realty Group Team in 2020

2020 Was an Interesting Year for Real Estate Activity

With COVID-19 hitting us early in 2020, it definitely presented its own set of challenges to the real estate market for us.  In response, our team thoroughly brainstormed how to keep business moving forward in the safest way possible. Although we’ve been in a global pandemic this past year, people are still relocating and need assistance with buying and selling their homes.

It has been different helping clients during these times. During the start of the pandemic, people were extremely hesitant to be involved in the housing market. According to the National Association of Realtors (NAR), national home sales started to steadily decline in February 2020 and hit its lowest point in May. However, our Market Center had 30 more closed units from Feb-May 2020 than in Feb-May 2019.

After the four month decline, the real estate market started booming. With interest rates at an all-time low, there is an increase of first-time home buyers. Our Keller Williams Market Center  has helped 23% more clients buy homes this year than last year. With that being said, we are still living in a seller’s market. The housing inventory is the lowest it has been since 1963. With the demand being higher than the supply, sellers are able to get top dollar for their properties. Our Market Center data is synonymous with National Data, as we sold more than 34% more homes in 2020 compared to 2019. 

Our Market Center was able to help a total of 1,130 families in 2020, with 487 of those families selling their homes. The Realty Group Team of Keller Williams was able to help just under 450 families alone across our Forest and Smith Mountain Lake offices. We are truly blessed to have not been as badly affected by COVID-19 as some areas. With a lot of uncertainty still in the air, we cannot be sure how long this real estate boom will last. Whatever comes our way, we are always happy to help.

The Realty Group Team specializes in buying and selling homes in the Forest, Bedford County, Smith Mountain Lake real estate markets as well as many others.  Visit our website to learn more and contact us to help with any of your real estate needs.

We appreciate all of our clients and thank you for your business and referrals!

Leave a Reply

Your email address will not be published. Required fields are marked *