Number of closed sales in both communities are down significantly, but pending sales are up quite a bit too and that will shift those numbers in the future. New listings are down which is not unusual for this time of year as the snowbird shopper traffic is reduced.
We are still watching the numbers to tease out the effect of COVID on the market and what we have seen so far and continues to play out is the days on market are increasing and closings are taking longer. Buyers are/have been restricted in their in-person shopping and we are seeing more contracts with contingencies related to lifting of stay at home orders. Prices of properties remain stable as the sale price to list price ratio remains the same as pre-COVID.
The Chief Economist for the National Association of Realtors Dr. Yun has some additional market information:
With all the printing of money to pay for COVID assistance coming out of D.C. future inflation is a real possibility. Mortgage rates are low, and to get a house payment locked in now could become very valuable in the future.
Any softening in the market will probably been felt in the luxury market. The luxury buyer is more impacted by the stock market and their portfolio balance. In addition the Trump tax plan capped the amount of property taxes and interest deductions a luxury home owner could use as a deduction.