Here’s what is happening in the $1 million to $2 million price range. Would you be surprised to know that there have been more sales in this price range in the first three quarters of 2020 than in the same period in 2019?
We are ahead of last year despite the virtual shutdown of the real estate market in March for more than 50 days. We are not talking about a few more sales this year vs. last year; we are talking about 34% more closed sales this year vs. the same period last year. More than 100 transactions! Now the real shocker: if we compare pending sales as of September 30, 2020, to the prior year, we are up more than 146%.
There are many factors at play here. The pre-COVID-19 market was already strong, driven by tax migration from the Northeastern states. We also have buyers from our more traditional Midwestern states and even many now from California. The tax implications continue to be paramount in many decisions to establish residency in our great state.
Stay tuned for the second segment in our three-part series, where we look at what is happening in the $2 million to $4 million price range year-to-date. We will also talk about how COVID-19 has acted as a catalyst in accelerating real estate decisions.