2020, aren’t we glad it’s over?
It was a wild ride wasn’t it? We’re gonna talk about real estate in the year 2020. I Think it’s a little surprising, what we actually saw happen in La Pine, Oregon. There were 412 residential sales in La Pine, Oregon.
Of those 412, 51 closings happened under $200,000. Most of those closings under $200,000 happened in the first quarter of the year. Very few of them were past that, because once COVID hit, and we started our lockdowns, and people started realizing they could work from home, and the election was getting closer, and all of that, we saw a huge increase of buyers and a huge decrease of sellers, which caused prices to go up. And at the same time, interest rates were going down.
We had 168 sales between $200,000 and $300,000. Those homes were majority manufactured homes. Then, we had 126 sales between $300,000 and $400,000. That became your average frame-built home. And when I say average, I mean typical three-bedroom, two-bath, two-car garage, carpeting, laminate floor maybe, maybe vinyl flooring. Just a nice home. Not over the top, just a nice, comfortable home.
Then, when we went to the $400,000 to $500,000 range, we have 39 sales. A lot of those had shops, a little more acreage occasionally, or bigger square footage, nicer finishes, and what have you. Then, we start getting the little things that La Pine’s never really seen. We had 17 sales between 500,000 and 600,000. And we had four sales over 700,000.
Our highest in La Pine was sale $1,060,000. And our lowest sale was $58,400.
So what’s that mean for 2021?
The $200,000 to $300,000 range, wouldn’t surprise me to see that go down from 168 into the 120, 125s. I think that $300,000 to $400,000 price range is going to become the new norm. And then, of course, above that is going to be the cream of the crop, and those numbers will probably remain the same.
Of course, all that depends on sellers deciding to sell, homeowners deciding to list their property. At this point in time, with the inventory the way it is, there’s no way we’re gonna even begin to reach those numbers.
So, if you’d like to take advantage of this market, and you want to be in that $300,000 to $500,000 range, give me a call, and let’s chat and see what your house is really worth.