This year’s remarkable demand and strong recovery have been fueled by historic low interest rates and the heightened focus on “home” as a result of Covid lockdowns and temporary closings of work, school and entertainment places people would otherwise be. While many have taken a hard financial hit, others have had a windfall of savings—they weren’t spending anything on travel, dining and lifestyle activities. The charts that follow illustrate market performance through the year. The first two pages focus on the under-$500k market (93% of total SEMI sales). The second two pages focus on the over-$500k luxury SEMI market. The combination of high demand, low rates and Covid has knocked much of the seasonality out of this year’s market. Despite the 55% decline in inventory compared to last December (35% for over-$500k listings), the market continues to roar and so long as inventory holds out, it won’t slow much as it heads into 2021
READ THE FULL MARKET REPORT HERE