Record home sales and low inventory have made October and November steady months in the High Country. At the end of October, more homes had been sold in 2020 than in all of last year. Currently November sales are up over 20% and there is still one more business day in the month to go.
The amount of homes that have come on the market has not kept pace with the demand. We are seeing strong buyer demand for people to relocate part time and full time to the area. Part time buyers are often looking for a vacation home or short term rental investment properties. Some full time buyers are able to relocate due to remote work this year and into the future.
We are seeing all kinds of diverse generational demographics from retirees and younger buyers in the area as well. This has helped the building industry and many high end clubs in our market which are seeing growth. There is more interest in home building and country club membership than in a very long time.
As we write this on Black Friday, there are only 598 homes for sale over our four county market. Home inventory continues to be around half of what it was one year ago.
Low inventory has made it tough for buyers and pushed prices up. Patience for buyers is key and we are actively monitoring properties for buyers we work with. It can be necessary to act quickly when some properties come on and we have assisted buyers in doing so.
Land sales are also up around 26%. There are still some good values to be had on land in our market. Low home inventory has helped fuel more interest in land this year.
If you or anyone you know is interested in selling, now is a great time. Many think Spring is the time to put a property on the market, but we have had strong winter sales in 2018 and 2019. Sellers who want to sell today can capitalize on the fact that there are not many options for buyers to choose from. We still have engaged buyers due to many factors and low interest rates, so demand is still very strong.
Happy Thanksgiving! We welcomed Blair Wright into our family this week. We are thrilled to have her in our life and overjoyed to have a healthy baby. Big brother Harrison and Sailor our dog are getting used to a new addition around the house. In many ways, it will be a learning process but we look forward to the blessing and challenge of new life.