QUARTERLY NOTE - 4TH QUARTER 2020
Q4 Market Analysis Summary
The 4th Quarter of 2020 on many levels was like nothing we have seen in decades or more. The pandemic, politics, and taxes all played a big part in the American landscape and the real estate market engine could not have been running any hotter.
The trends that emerged and are still continuing are migration from populated cities to not only suburbs but also states that have lower taxes and more space to spread out. Home offices and yards have taken a front seat and the way in which people "work" may not go back to the way it was for any time in the near future.
The real estate market for properties over one million dollars in Minnesota and South East Florida looked very similar percentage-wise. The dollar volume more than doubled in both markets and the units sold were up over 80% compared to the same period in 2019. Prices are escalating for a variety of reasons including scarcity of inventory, interest rates as low as 2.75%, and consumers redirecting assets into home purchases vs travel budgets, etc. We have noticed that estimates on third party websites like Zillow are not always accurate. The final sale numbers often prove that algorithms don't live in homes.
Velie Real Estate had one of our best years on record, including making waves in Florida (see what I did there), helping buyers in Montana, and landing on the top 10 list for the largest sale in Minnesota. The outlook into the first quarter of 2021 points to a continued frothy market with the caveat of the arrival of the vaccine as the new "unknown".
We wish the best health and prosperity for all in the year to come.
- Decker Velie
MINNESOTA AND FLORIDA MARKETS
4th 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)
Millennial Perspective
Smart home technology has become more accessible and affordable than ever before, with its ease of use being the catalyst in its widespread adaptation. As a result, knowing what you are buying and how to use it has secured itself at the forefront of real estate. Integration experience coupled with carefully vetted products and companies all plays a role in creating the ultimate smart home.
Picture this, your head has just hit the pillow and you forgot to close the shades, turn off the lights in the kitchen and lock the front door. With the proper integration, you no longer need to lumber out of your warm bed to complete these monotonous tasks. You don’t even have to roll over to grab your smartphone. All of these things can be accomplished by a series of short voice commands, all while keeping your eyes closed. Pressing buttons and switches on walls, phones or touchpads has become entirely obsolete through the use of smart home language.
The current offerings of smart home integration options are seemingly endless and new tech is flooding the market exponentially. Catching water leaks, monitoring package deliveries, controlling thermostats, security systems, televisions, lights, doors, shades, and cleaning are just some examples of smart home capabilities available right now. We have been immersed in the smart home culture for over 5 years, and have helped set up several smart components for family and friends. Even our farmhouse (built-in 1900) is fully integrated.
Contact us to chat about anything smart life.
- Kat & Charles
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/