As we prepared to close out 2020, I’m sure many of you reading this thought to yourselves, “Thank goodness, let’s get 2020 over with and move on!” I can’t say that I blame you. It’s understandable that everyone has a different perspective. People have been impacted differently, and perhaps still have feelings of unease surrounding the pandemic, the economy and most importantly family and loved ones.
Our Monthly Market update is a week late (oops!) but the good news is that the stats about December haven't changed since last Monday! The commercial real estate market as a whole isn't expected to rebound fully for a good long while, but there are sectors that have been surviving - even thriving - through the last 10 months!
The residential real estate business is booming right now, and this includes 1-4 unit multifamily properties as well as larger 5+ unit multifamilies. Single family homes have seen their heyday recently with little inventory and plenty of competition. While there have always been plenty of individuals looking to invest in multis, this number has recently increased, especially on smaller multifamily properties. With people being out of work due to layoffs and furloughs, many are going to look to offload their large mortgages and get into something more affordable.
Verani Realty Commercial Division, Londonderry, NH - 03.09.2020 - Berkshire Hathaway HomeServices Verani Realty's Commercial Division is excited to announce that Senior Advisors Michael B. Charron and Joan Blais have been recognized for their outstanding achievement within the Berkshire Hathaway national network of real estate agents for 2019.
Multi Family Market Monday update!
While the multi family market remains strong into 2020, February did see a little dip in average selling price AND the number of 4+units sold.