As you know, many things are different this year. But one difference you may not be aware of is how remarkably strong interest in real estate has intensified over the last two months.
Nationally, existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic, according to the National Association of Realtors®. The month of June recorded a jump of 20.7% in existing home sales from May, according to N.A.R. These include single-family homes, townhomes, condominiums, and co-ops. June’s national median housing price increase marks 100 straight months of year-over-year gains.
The Sarasota-Manatee Real Estate Market
SINGLE FAMILY HOMES
Last year was a typical year with newly pended sales increasing and peaking in March — 8,447 total contracts in the first six months of 2019.
2020 started the year strong with 11% more pended sales in January than January 2019. Pended sales dropped considerably in March, when COVID-19 began, and hit a low in April. Then, pended sales rocketed up at an amazing pace starting in May 2020. Pended sales in June 2020 were 41% higher than in June 2019. 8,218 total contracts in the first six months of 2020.
As with single family homes, last year was a typical year with newly pended condo sales increasing and peaking in March — 2,540 total contracts in the first five months of 2019.
2020 started the year strong with 32% more pended sales in January than in January 2019. Pended sales dropped when COVID-19 began, and hit a low in April. However, newly pended condo sales rebounded in May and June, up 46% over June 2019, indicating strong recovery.
The Luxury Real Estate Market
Sales nationwide are forecasted to end 2020 7-10% down from the prior year. However, sales above $1 million are expected to be up substantially with strongest performance in the second home markets.
- Inventory of million-dollar listings declined by 15.6% year over year.
- The luxury listing price entry point (top 5%) reached $2.97 million in May, up 6.1% year over year, outpacing the mid-market’s 1.6% growth
- Views per property for million-dollar homes were up 7.3% year over year in May.
The Moment is Now
The pace of home sales has now recovered with inventory moving faster than this time last year – but supply remains the critical missing piece in the recovery.
With the number of listings under contract up significantly and property showings surging over this time last year, buyer demand will be unparalleled in the coming months. The time is right to list your home with the team renowned for achieving outstanding results in Sarasota Luxury Real Estate.