2020 was a year most people would like to forget. However, if you're a homeowner, you might want to look at the bright side of things by looking and the growth in home equity you experienced through
2020 Port Colborne & Fort Erie Real Estate Market Recap
Dated: January 5 2021
2020 was a year most people would like to forget. However, if you're a homeowner, you might want to look at the bright side of things by looking and the growth in home equity you experienced through the year. 2020 was arguably the best year for Real Estate, ever. Here's a quick look at how the market changed.
Port Colborne Average Home Price
Port Colborne house prices have increased a massive amount on a year over year basis. Looking at the month of December alone, the average Port Colborne home sold for 48% more, on average, than the year prior. That's an exceptional increase. The real question is whether or not that increase is sustainable, and only time will tell.
Port Colborne Home Prices by Neighbourhood
These prices are a 6-month rolling average for each individual neighbourhood. The most interesting part of this breakdown to me is that the East end of Port Colborne is seeing higher increases than the rest of the city. The gap between pricing between the east and west ends of the city is closing slightly. It will be interesting to see if this trend continues. I'll be keeping track, so be sure to register for updates.
Port Colborne Homes Supply/Demand
So, this is what the real estate market in Port Colborne looks like during a global pandemic. April is usually a month where sales and listings increase, but not in 2020. The lockdown impacted the number of people selling their homes, and as you can see the average number of days to sell your home increased to over 30 days. That's still a fairly quick time to sell, where are more balanced market should see about 60 days to sell. However, as soon as July came along, things changed.
Some interesting things to note here as well - 3 months of the year saw the number of sales outpace the number of listings, and a gradual decline in the total months supply of inventory. That is a measure of how long it takes to sell a house on average in relation to the number of listings on the market. Although I can't predict the future, the current numbers suggest it is an excellent time to sell a home.
If you'd like to know what your house is worth in today's market, feel free to request a market evaluation. I can provide that to you with no obligation.
I believe that real estate is personal. Not only is it the most meaningful investment in your life, but your home is also the place where you create memories with the people that you care about most. ....