A look back at 2020 and looking ahead: a real estate market update

2021 is off to a great start, and as we near the end of February, we thought we would take this opportunity to update you on how we saw market trends finish up in 2020 and what we see on the horizon for the rest of 2021 ahead.

Keep reading to learn more about how 307 Real Estate navigated the real estate market last year and how you can use the predicted trends for 2021 to help you in making your real estate decisions in Wyoming or wherever you may be.

Wrapping Up 2020

We are pretty sure that 2020 did not go how anyone expected it to, and that includes in the real estate market. Despite COVID-19, Park County saw record-level sales across the board. This included sales of entry-level homes, luxury homes, investment properties and commercial real estate. In Wyoming, we saw a boom of people from bigger cities and the coasts looking to move west to partake in our great quality of life and to have more space.

We are also proud to announce that 307 Real Estate ranked #1 of all Park County agencies in real estate sales in 2020. This means that the team of agents at 307 Real Estate had the highest volume of real estate transactions in the county. Beyond that, 307 achieved a record-breaking sales volume. We could not have done this without the support of all of our incredible community partners and clients – so thank you!

Looking ahead to 2021

We are excited to look ahead to 2021 and are hopeful of all that is to come. Already, 307 has seen year-over-year sales increase by 50% for the first 45 days of the year. This trend is expected to continue.

The national median home price has hit an all time high at $320,000, and Park County’s median home price is not far off at around $300,000. Record low interest rates are keeping housing affordable, and we are seeing an average rate of 2.68% for 30-year fixed conventional mortgage (assuming a 20% down payment). This means that the typical U.S. buyer can expect to have a monthly mortgage payment of around $860.

In the coming year, home sale amounts are predicted to rise 20% while home values are expected to only see a 10% rise in value. With these statistics, the average homebuyer would see that $860 monthly mortgage payment increase $100 to $960 by the end of the year, so now really is a great time to buy.

Inventory continues to remain low but with a good realtor, you can still find that once-in-a-lifetime home. Once again, it is important to establish a relationship with a realtor as early as you can, as properties are still flying off the shelves. The average days on the market for an in-town residential home in Park County is currently less than 30 days, and for a more expensive out-of-town home, average days on the market are closer to 60. Don’t wait! Having a realtor looking out for your best interests and being pre-qualified by your bank for a mortgage can speed up the process tremendously and help get you into your dream home that much faster.

As always, the team of agents at 307 is here to help you navigate the ever-changing market conditions. Whether you are just curious to see what your home might be worth in this market, or you’re ready to make a move, now is a great time to sit down with an agent.

Again, we thank you for all of your support in our last year, and we look forward to continue serving our clients and communities in 2021!