Dear Neighbors, Welcome to 2022! Here is the “LowellLofts Report”
for end of the year 2021. 2020 and
2021 proved to be record-breaking years for real estate. We are still setting
record breaking numbers but 2022 should be a little different. The
market that we are in is not expected to be like the ones we have seen for the
last couple of years. The chances for multiple offers are still likely, but the
odds of getting an offer with those insane terms we were seeing (i.e.,
thousands over the asking price, no contingencies, etc.) is less likely.
Pricing is going to be key in this market. Pricing correctly may get you
multiple offers and many times offers over asking. Looking for that “pie in the
sky” sales number when 1st listing rarely works and you end up
chasing the market with price drops. Price what the market dictates NOT what
you think its worth!
Those buyers who have been considering purchasing a home this
year might want to consider doing it sooner than later. Sellers who are thinking of selling should also do so
sooner rather than later. Inventory right now is at an all time low. With
spring around the corner many sellers wait till warmer weather and risk having
their property on market with competition for buyers, many times the
competition is right in your own building. Don’t wait!
Looking at the sales numbers for 2021. The average Days To
Offer (DTO) was 31. The average sale price for condos in downtown in 2021 was
$299,543. The average sale price in 2020 was $260,065. That is a significant
increase (13%) in value in just 1 year. The average price per sq ft on average
for a 1200sq ft condo is approximately $275 sq ft. Many properties have
appreciated upwards of 20% but those numbers a cooling a bit.
The downtown market is
still at the highest price point ever. If you know of a neighbor, friend, or downtown
owner looking to sell, I can help. Don’t
wait till spring. NOW is the time
to list! Avoid the spring competition.
LowellLofts.com has compiled a 2021 sales analysis
for each downtown property on page 2. Please review and call us anytime with
questions on your building or any specific unit. I can send you detailed info
on each building.
we are the
“downtown” market experts. We are the
most active office in the downtown market.
focus, and concentration is your neighborhood, “downtown Lowell”.
If you experience difficulty in accessing any part of this website, email us, and we will work with you to provide the information you seek through an alternate communication method. Canyon is an Equal Opportunity Employer and supports the Fair Housing Act.