Around the Block: 1/8/2021

Readers love when I discuss the real estate market (the question I am asked most often is “how’s the market?”).

Usually, I provide a comprehensive market analysis. Today I have a very brief update, and I want to provide some new information to give readers a chance to see what has sold, so you can start to notice patterns emerge yourself as the year moves on. So, for the first ATB of each month, my lead will be a feature showing all the properties the City Block Team sold the previous month.

I think this will be both fun and informative.

First, CBT sold 194 units (as they’re referred to in the industry) in 2020. That is approximately 16 per month. That will give you a good idea for an average month, and while 2021 may be different, of course (hopefully even better), right off the bat we have a gauge in which to see how things are going.

Second, my clients generally find it interesting to know what has sold and for how much (this information is all in the public record, but not for several months after closing). This list will include sales from my whole team, which will include a wide array of properties throughout the City and even a few in the burbs and Jersey. One great thing about the City Block Team is that we have agents that excel in different niches, to serve every client need (even outside the region, as I partner with the best Compass agents nationwide). Each month and throughout the year, you will see all different property types, price ranges, and neighborhoods.

Third, keep in mind that most settlement occur 30-90 days after the property goes under contract, which is when the buyer and seller actually reach an agreement. So, our 20 sales in December means that most of these properties went under contract in the fall. Again, if you enjoy following these emails, you will start to see seasonal patterns emerge. For example, with extremely low inventory, the holidays, the pandemic resurgence, and the election, I expect to see lower settlement months in the 1st Quarter, which will reflect November & December 2020 contracts.

Fourth, this is our first month trying this, so we would love feedback to make this monthly feature better all the time. Do you like the format? Would you prefer a clickable link to see the photos and property information, neighborhood designation, a shorter list that you could review more quickly? Do you like this new feature at all? Please let me know.

Finally, as promised above, a very brief market update: The past 3 weeks have been slower, as is the case each year around the holidays. Between 12/15 and 1/15 is typically among the slowest times of the year. But it is not slower than normal, and normal is pretty solid, so that is a good sign. So, the two questions that remain is when will the market start to pick up (it typically does so in stages) and how strong will the Spring market be? Last year, the market picked up earlier than ever, even before 1/15. And January & February were the best in history (on about March 12th, it dropped off a cliff by the way, along with everything else, in case you don’t remember). How will the early Spring Market progress this year? Will it start to get real hot in a week or will it be in February or even March? Each year is different. And how strong will the Spring Market be? New administration, vaccine, cabin fever—I am cautiously optimistic that this will be a banner year.

Thank you and HAPPY NEW YEAR!!

Warm regards,

Jeff

All of our listings remain available for safe, private showings at your convenience, and we are always available to show.

So if you planned to hit an open house this weekend, just let me know ([email protected]). Or, if you already have a buyer agent, please contact them, and we will set the showing right away, at your convenience.

Thank you for your understanding.