We have all been on a wild ride this year! As we started 2020 none of us could have predicted how flexible we would need to be as the world has changed the world changed around us. Face coverings, social distancing, Zoom meetings, cancellations, working from home,… these have all become a part of our year. We have seen some businesses adjust and thrive, and others close for good. We have seen the stock market tank and then rebound. Unemployment climb to record high levels and interest rates fall to all time lows. Real estate sales have been on a big pendulum as well. Low sales in April and May reflected the stay-at-home orders announced in March but have rebounded strongly this summer.
Everyone needs a place to live, and when we are forced to stay in our house for weeks on end it leads to decisions stemmed from change. Change is what drives the real estate market. As younger home buyers take advantage of low interest rates, we have seen especially strong sales of the lower priced homes in our market. It’s taking a bit longer for the sales to trickle all of the way up to the luxury market, but it is happening. One thing we are seeing, is people being drawn to our beautiful and less crowded area from the big cities. Some who have the financial means to move away from the big city are looking into a change of lifestyle . A few weeks ago I got back to back calls from potential buyers from Miami who inquired about land in our area. This could be a trend that fuels our market into the future.
This is a strange year for statistics. Of course sales were down for the second quarter. We were all staying at home and taking family walks for two months instead of looking at real estate. But the graphs seen in this report do show that we had a very strong start to the year and have had a very strong rebound. The first part of the rebound was made up of buyers and sellers who were planning to buy or sell just as the pandemic hit. After all, March, April and May are our busiest months of the year. Those transactions were pushed back a few months. Now we are seeing another wave of activity fueled by low interest rates, a recovery in the stock market and people feeling more stable in their jobs. With those foundation points in place, people are able to dream of a different place to live that fits their needs better than where they are now.
Obviously it’s not a clear path ahead. This is an election year (different than any I have been a part of) and we are still trying to balance getting back to work and keeping our population safe. How this will affect small business, higher education (a big deal in our community), and commercial real estate are just three of the upcoming unknowns that may have large repercussions. We will all need to be flexible as we make plans based on past assumptions that may not hold into the future.
Homes continue of sell and as always I’m actively helping buyers and sellers successfully close transactions. I’m always here for you to be of service. Enjoy the report and stay in touch!