A New President, a Vaccine Rollout, and. Record-Breaking Real Estate Market
Ninety days into 2021 and it has already been a year of change. On January 20th, we inaugurated America’s 46th President of the United States, Joseph R. Biden. With a different style, focus, and agenda, we are 4 months into a long-awaited national vaccine rollout that currently has 26.4% of the US population having been vaccinated. This will indeed be a number to watch. As more and more people get vaccinated allowing the country to safely reopen, this will be a big, needed boost to the economy.
What hasn’t changed though, is the pace of this white-hot, record-breaking real estate market. In looking at the Inglewood Market for Q1 2021, 51 homes came onto the market, and 44 closed escrows. Here’s what the numbers look like year over year.
Inglewood Market Update Q1 2021
In comparing the year-over-year numbers of the Inglewood Market Update Q1 2021, what stands out the most is the sharp increase in average sales price, going from $643,656 to $749,352, a 16.2% increase. Also, notable where we saw a nice year-over-year bump was in the Average Sold $/Sq Ft, where it went from $498.54 to $523.80, a 5.07% increase. List price $/Sq Ft was up modestly, going from $501.48 in 2020 to $514.56 in 2021, a 2.61% increase, while List Price to Sales Price barely changed going from 100.34% in 2020 to 100.98%, a .64% increase. As a testament to the strength of the current market, we saw days of market compress 5.71% going from 35 days in 2020 to 33 days in 2021. To see all of the data from 2020, click Inglewood Housing Market Data for Q1 2020.
|Inglewood||Q1 2020||Q1 2021||% Change|
|Average Sales Price||$643,656||$749,352||16.42%|
|List Price $/SqFt||$501.48||$514.56||2.61%|
|Sold Price $/SqFt||$498.54||$523.80||5.07%|
|List Price/Sold Price||100.34%||100.98%||0.64%|
|Avg Days on Market||35||33||-5.71%|
Looking forward into Q2, we will continue to see this market move along and start to heat up even more by Memorial Day. The traditional buying season starts April 1st so we are officially in the early weeks of the spring buying season. With rates having risen noticeably over the last three months, fear of continued rising rates will push more buyers of the fence and into the market. This coupled with the traditional influx of spring buyers has the makings for a repeat of last summer’s market. Either way, it’s a great time to sell due to values being up and it’s a great time to buy with rates being so low.
We’re Here to Help
If you’re looking to sell your Inglewood home and yet, still concerned about the potential risks of having strangers in your home, don’t worry, we have buyers, and we’ll sell it safely too. We also offer virtual consultations, 360° tours, and virtual showings – no person-to-person contact. We can even get you a cash offer on your property and close in 14-21 days. Call or text me at 310-403-7381. I’m available to chat with you for an ideal asking price or to get you an instant offer now to skip the showings. Your safety is our #1 priority.
Wishing you continued health and safety.