Year to date 2020 residential sales volume surpassed 2019 levels for the same period in spite of the slowdown in Q2.
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In fact, twice as many homes sold in Q3 this year as Sellers, Buyers and all other professionals supporting them forged ahead. Most new listings were absorbed due to pent up demand. Filming has resumed and work crews abound as homeowners are improving their properties. The lockdown prompted all of us to reassess priorities and what is truly needed at home. On the supply side more inventory was created as a result of change of circumstances (ie desire to downsize, divorce, death, etc). Some are moving out of the area while others are moving in from cities such New York and San Francisco. Currently there are 25 estates listed for $5 million+, 5x more than sold in Q3. Lower prices points remain in high demand and often sell in multiple offers. On the demand side, lenders are lending at very attractive rates and demographically there is a large cohort of trade up and first-time buyers ready to move. It is a great time to buy for those with a 7-10 year time horizon. Renovated, well-located homes as well as once in a lifetime trophy properties sell the fastest.
We expect these trends to continue in the near term in spite of the election due to the desirability of the area and low inventory at certain price points.
Home is our sanctuary and respite from broader life challenges.