One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.

ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:

“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”

That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:

  • The Northeast was up 76.6%
  • The West was up 56.7%
  • The Midwest was up 52.1%
  • The South was up 46.7%

The Housing Market Is Showing a ‘V’ Type Recovery

ShowingTime also indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis (See graph below):

Luxury Real Estate Recovery September 2020

We’re way ahead of where we were at this time last year. This data validates the thoughts of Frank Martell, President and CEO of CoreLogic, who recently noted:

“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”

In Sarasota, closed sales are up 12.7%, pended sales are up 25.8% and time to contract is down 41.2%.

Sarasota Luxury Real Estate August 2020 Stats

Bottom Line

If you’re thinking about selling your house, this may be a great time to get the best price and the most favorable terms.

Complimentary Home Evaluation Consultation

As your home is a major asset in your financial portfolio, we would like to offer you a Home Evaluation Consultation to give you the opportunity to learn about your home’s value from a professional real estate advisor.

Why is it important to know the current value of your Home?

  1. To determine the equity you have in your home.
  2. To ensure that your insurance coverage is adequate for replacement.
  3. To evaluate your overall financial plan — especially considering current sellers’ market and low mortgage interest rates.
  4. To potentially access funds for deferred maintenance and/or upgrades to further increase your home’s value.
  5. To evaluate whether your current home is providing you with the lifestyle you desire.

We are here to advise you and look forward to connecting in the future. Please feel free to call/text/email any our our team members, or use the contact form below.


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