Market Report KG Year end 2020R4sm - Flipbook - Page 2
2020 IN REVIEW
and Looking Forward
As 2021 begins, all of us at Kinlin
Grover Real Estate would like to
pause in deep gratitude to recognize
the people in our communities who
pulled together to help navigate
the difficulties of the Covid-19
pandemic. Amidst the uncertainty of
the last 10 months, our Southeastern
Massachusetts neighbors rose
above the chaos and, as a result,
our towns have remained safe and
secure refuges. This doesn’t happen
without the significant effort of entire
communities, and especially front-line
workers. For this collective effort, for
the endurance and perseverance of our neighbors, we are truly grateful.
It is the existence of safety and security in our communities that led directly to an incredible
performance in our regions’ real estate market in 2020. Along with the allure of Cape Cod,
the South Shore and the South Coast, these factors combined to draw buyers from around
the globe. As a result, almost every one of our towns saw sales reach record levels during the
second half of the year.
These are remarkable results when you consider that sales plummeted in the early days of the
pandemic. Real estate was in significant retreat in March and April but once state economies
reopened and interest rates fell, the market began an extraordinary rebound. With rates as
low as 2%, buyers suddenly found that they could consider homes that had previously been
out of reach. Entry-level homes, move-up homes, second homes and million-dollar homes all
saw demand far outpace availability, with many segments of the market seeing multiple offers
on properties and some properties selling above the asking price. It was truly a remarkable
turnaround.
As we head into 2021, where does this leave our real estate markets? Rates are expected to
remain historically low throughout the year, buyer demand in Southeastern Massachusetts
shows no sign of slowing, the economy is beginning to find its feet again and, most
importantly, the Covid-19 pandemic is slowly being brought under control. With all of this in
mind, economists predict another strong year for residential real estate – especially in resort
markets like Cape Cod, the South Shore and the South Coast.
2