Here’s what is happening in the $2 million to $4 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?
This is despite the market being effectively shut down earlier this year for more than 50 days. Closed sales year-to-date are up 41% compared with the same period last year. Now the real shocker: if we compare pending sales as of September 30, 2020, to the prior year, we are up more than 400%!
There are many factors at play here. We talked previously about tax migration. In this segment, we focus on how COVID-19 has been a catalyst to drive lifestyle change. We were all there, right? Quarantined in our homes, coming to grips not only with what we did or did not like about our homes but also with the future. Where will I be working from? Assuming I will be working from home for the near future, where should that home be located? Can I be somewhere that offers the lifestyle I am seeking? These questions have acted as a catalyst for local moves as well as for those coming from out of state who were already considering a lifestyle change. In addition, we are seeing people who would not have even considered a change before 2020.
Stay tuned for the third segment in our three-part series, where we look at what is happening in the $4 million and up price range for real estate in Sarasota County. We will also talk about what these market trends may mean for the fourth quarter and beyond.
For more information about these stats or your local neighborhood statistics, please contact me.