1-27-2021 – Region’s housing market surging

Posted on: January 28th, 2021 by admin

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January 27, 2021

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By Guy Lucas guylucas@newstopicnews.com

Jan 27, 2021 Updated 13 hrs ago

 

Despite the pandemic, the residential real estate market in the Hickory region, including Caldwell County, saw growth in home sales and prices in 2020, according to a company that gathers real estate data.

 

Home sales in the Catawba Valley region — Catawba, Caldwell, Burke and Alexander counties — had a strong end to 2020, with December sales up 14.2% over December 2019, according to Canopy MLS. That helped sales for all of 2020 top 2019’s sales by 3.4%.

 

Caldwell County had mixed numbers in December: Just 58 home sales closed during the month, down 9.4% compared to December 2019, but pending contract activity, which indicates buyer demand and possible January-February sales, soared by 84.4% compared to December 2019, Canopy reported.

 

For the year overall, Caldwell sales grew 2%, with 782 homes sold, Canopy reported.

 

The demand for houses in Caldwell County exceeds the supply, the report said.

“Inventory is low and fell 57.4% year-over-year, leaving 1.2 months of supply and a tight market that will impact prices,” the report said.

 

Caldwell’s average sale price in 2020 was $200,630, up 17.2% from 2019, the report said.

 

The average was skewed upward by sales of more expensive houses, but the median price — the point where half of all sales were for more and half were for less — was $171,000, a 15.2% increase from 2019’s median.

 

On average, sellers in 2020 received 96.5% of their asking price, and houses sold in an average of 44 days.

 

The onset of the COVID-19 pandemic in the spring hurt the real estate market, but it rebounded as the year went on, helped by low interest rates, Cory Klassett, president of Catawba Valley Association of Realtors, said in a press release.

 

“Without a doubt, the pandemic presented challenges last year just as the spring selling season was getting underway. However, agents within the region were able to quickly adjust to showing homes safely and virtually, and residential sales last year still managed to outpace 2019,” he said.

 

New listings for the full year across the Catawba Valley region were down 2.3% compared to 2019 because of the pandemic’s effects, but seller confidence grew late in the year, with new listings in December 35% higher than in December 2019.

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