QUARTERLY NOTE- 3RD QUARTER 2020
Quarterly Note
3rd Quarter 2020
Q3 Market Analysis Summary
What happened to the second quarter pandemic downturn in housing? Nationally, it not only reversed course in the third quarter it wiped out all negative sales numbers and ended up posting a 40% gain year-over-year. August homes sold 3 days faster and September homes sold 12 days faster than the same period in 2019. Effectively, it has taken five months for sellers to make a full return into the housing market
So the obvious question is, “Why such an explosive rebound?” Here’s what we believe:
1. Backlog : The first and most of the second quarter saw very little activity due to the pandemic so those buyers were forced to wait until the third quarter.
2. Low interest rates: The interest rates are at a historic low so while the price of housing is going up the ability to borrow money is very cheap.
3. Lifestyle change: This is the biggest unforeseen difference brought about in large part due to the pandemic. Housing decisions and lifestyle have become a first priority. The trend shifted from multiple unit living in town to buyers wanting more property/yards along with home offices and layouts oriented toward family living.
MINNESOTA AND FLORIDA MARKETS
3rd QUARTER 2020
Luxury Home Total Dollar Volume Sales 1 Million+
(Twin Cities & Surrounding Markets)
Luxury Home Total Dollar Volume Sales 1 Million+
(Miami-Dade/Palm Beach/Broward Counties)
Floral Wallpaper Makes a Comeback
Velie Real Estate Foundation
“The Velie Foundation is changing people’s lives by providing financial assistance during the COVID-19 Pandemic. They saw a need, took action, and are delivering on their mission!”
— Sol B. Ryan, Director of Sober Living, Alumni &Community Relations
We are humbled and more than grateful to all that have contributed to our endeavor to help those that were caught in the economic shutdown caused by COVID-19. If you would like to donate, or if you know someone that could use help with rent, mortgage, or utilities due to the pandemic or civil unrest please visit: http://veliefoundation.com/
