Market Report RRPT Year end 2020 - Flipbook - Page 2
2020 IN REVIEW
and Looking Forward
As 2021 begins, all of us at Randall Realtors and Page
Taft Christie’s 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 Southern Rhode Island, Eastern Connecticut and
Connecticut shoreline 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 our area, 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 our region 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 desirable regions like ours.
Given the market’s momentum, one factor that can potentially slow it down is inventory. With buyer
demand as high as it has ever been, inventory has continued to shrink and most towns enter 2021
with inventory at an all-time low. This is a trend that certainly bears watching, but the good news
is that reports show a strong pool of sellers readying to put their homes on the market in order to
take advantage of the significant equity that they have built up in their properties.
So, as you read the following pages please keep in mind that in March, April and May of 2020 we
were staring at the real possibility of a collapse of the housing market. Instead, seven months later,
we are reporting record sales performances. This is undoubtedly a reflection of the desirability,
strength and importance of housing in this country. It drives our national economy and remains our
safest and best performing long term investment. Oh, and above all, it is the one investment that
we can truly call “home.”
Mike Schlott
President,The Randall Family of Companies
Randall Realtors, Page Taft Christie’s and Kinlin Grover Real Estate
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