This is always the time of year when we go through our year end numbers and try to get a sense of what the future holds. As we reviewed things this year it quickly became obvious that something quite remarkable took place. For us, the timing of 2020 also happened to coincide with the installation of a new CRM software, upgrades to our already strong web presence, and the maturation of our commercial division and some of our newer agents. We also added a key new agent who really hit the ground running.
First and foremost, THANK YOU to all of our clients! Without your trust in us, it would not have been possible. Now 15 years into our brokerage's history, we've found our way to fairly consistent sales numbers with annual sales of about 350 units for a volume of around $50,000,000 to $55,000,000 each year. We're blessed to be able to do this with a relatively small sales team of exceptional people. In 2020, however, through a lot of hard work under difficult conditions and a couple of months of being shut down, we sold 494 units for just a hair over $95,000,000 in closed sales. That put us up 90% over 2019 with just one new agent adding to the pot. We could not be more proud.
The next stats we look into are the market statistics overall. Perhaps our good fortune was simply a reflection of the market in general. Northern Great Lakes Realtors Multiple Listing Service (NGLRMLS) is the largest MLS in Michigan and they service a variety of areas including the Grand Traverse region, Central Michigan, and some of Northeastern Lower Michigan. According to their stats for the year, the number of residential sales only increased 3%, reflecting the very tight inventory available for a tremendous number of eager buyers. This tight inventory lead to an average sale price increase of 13% in 2020 alone. The total sold volume for residential properties in NGLRMLS was up 16% while we increased 90%. That's a great feeling!
It's a terrific example of how our purposely "small" business model allows us to quickly adapt to changing conditions and make the most of an already strong market to our clients' benefit. We truly do see this business through a different set of eyes than the average big box broker. We're able to focus more specifically on local market conditions, have implemented the finest resources available for our agents, and ONLY associate with the most qualified sales staff. All these factors help our clients and ourselves achieve better results than the field as a whole.
There's certainly a notion out there that, because of the strength of the market, any agent or home owner can simply stick a sign in the yard and expect to do very well. The reality of the market is that it's never been more complex and the assistance of a QUALITY REALTOR can be invaluable. Managing multiple offer situations. Setting the correct list price at the top of the market but not so high that buyers refuse to play along. Managing the increasingly difficult lending process. Perhaps most importantly taking on the stress of selling or buying in an already intense environment. These are all services we provide that can help ensure any seller is able to make the most of the current conditions.
As a fly angler, I always tend to associate events with fly fishing in some way. I'm sure it's the same for a golfer, skier, runner or whatever your passion might be. We were truly blessed this year as were all REALTORS. This video immediately came to mind once all the calculations were done and I had a moment to reflect... I hope you non-anglers will appreciate it as well.
Thanks once again to all those who made this possible. To our exceptional agents and brokers, our co-owner, Mandy Brown and our outstanding Administrative and Marketing Director, Kellie Parks, thank you from the bottom of my heart!
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