Market Statistics

Recession? Not in Our Real Estate Market

What a year this has been. The best way to begin this discussion is by directing your attention to the box within the chart below. The pandemic began to affect our economy in mid-March. Our real estate market, and most other markets, took a major hit. Compare how many escrows closed in May 2019 ( 237) to May 2020 (79). These closed escrows were opened from mid-March to mid-April, the beginning of the coronavirus shutdown. But then look at what happened in the following months. First, a quick recovery. And now, tending towards what prior Fed chair Alan Greenspan may have termed “irrational exuberance”. In May, we experienced a drastic decrease in closed escrows. Considering how difficult it is to sell homes, including no open houses, unattended inspections, no door-knocking, there seems to be no limit to the desire to buy homes, in all price ranges. Sales levels are the strongest they have been in the past 10 years.