Year to date home sales through February have been very strong, but pandemic conditions are highly likely to impact the real estate market. This report includes a graph of home sales each year through February, and I also discuss at-length how I believe the market will fare due to COVID-19.
Even as businesses close down and the world goes into lockdown, we’re seeing a good number of homes get put under contract. Take a look at our active list of homes for sale and notice that more than half of them are already as “under contract.”
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Year To Date Home Sales Report
The number of home sales through February was the third-most ever recorded in Tallahassee for the first two months of the year. As you can see from the graph below, sales were up 5.6% through February compared to the same period last year.
Only the crazy years of 2005 and 2006 when people were speculating and buying homes to flip were higher. And here’s something to consider:
Our population is larger than it was 15 years ago, so the need for housing in 2020 is likely higher than it was in those two years. That means there remains upside in the market, as we are not “oversold” like we were when artificial demand caused us to overbuild.
The Coronavirus Pandemic Will Slow The Market
There are still a lot of buyers who want homes, and the inventory of homes for sale is still near an all-time low. So demand is high, supply is low … but we have a pandemic that will put the breaks on home sales during the normal busiest days of the year.
Most real estate companies are learning how to deal with pandemic conditions on the go. None of us were trained for something like this. We are trying to do more of our client appointments through the use of online meeting apps. But the problem of getting people into homes is going to be the straw that broke the camels back.
I believe we’ll see a lot of the Summer market shift to later in the year, but we’ll see the number of homes sold in 2020 fall short of what has been posted the last two years. Even though every economic trigger supports the growth in sales, you cannot overcome pandemic conditions.
Assuming the pandemic runs its course and things return to normal in the coming months (or quarters), I think you’ll see a good number of this year’s buyers become next year’s buyers. And for that reason, 2021 is likely to top all other years in terms of the number of homes sold.
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Was our Year To Date Home Sales Report insightful? Do you have further questions on the Tallahassee real estate market? If so, you can leave a comment below, give us a call at (850) 366-8917, or drop us a note and we’ll give you the local information needed to ensure a successful, smooth transaction.
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