DOWNING FRYE REALTY INC.
Mike Hughes, Broker
Against all odds, we have had an incredible summer for real estate sales to date. In looking at the cumulative pending real estate sales for June and July this year, compared to last year, here are some statistics to ponder.
Our pending sales volume is UP 71% this summer over last summer, for the first two months of summer. In the first 61 days of the 2019 summer, we had $181 million in pending sales volume. For the same period this summer ( 2020 ), we have had $310 million in pending sales volume.
All price ranges have fared better this summer than last summer with respect to pending sales transactions.
Our pending sales transactions are UP 33% going from 432 pending sales last summer ( first 61 days of summer ) to 576 pending sales transactions this summer ( first 61 days of summer ).
Let’s look at pending sales transactions by price range for the first 61 days of summer:
- Below $250,000 – Up slightly
- $250,000 – $500,000 – UP 37%
- $500,000 – $750,000 – UP 130%
- $750,000 – $1,000,000 – UP 18%
- Above $1,000,000 – UP 120%
The high end market had 25 pending sales for June and July 2019. This summer, we have had 55 pending sales in the high end market ( above $1,000,000 ).
Now, for the agents that are going after new listings, let’s take a look at our Downing-Frye listing inventory:
- At the end of 2019 ( 12/31/19 ), Downing-Frye Realty had 1,006 listings. Remember that number.
We have had 1,513 closed transactional sides for the first seven months of 2020. Despite all of these closings, we currently have 1,010 listings at 7/31/20!
In other words, we have slightly more inventory now than we had at 12/31/19 despite having a pretty strong year for sales. Another way to look at this is that the listings are coming in almost at the same pace as our closings. For those owners that pulled their property off the market when the pandemic hit, they are really missing a great summer for sales activity.
Our closings will lag a bit as many of the pending sales for June and July have not closed yet.
There are several reasons for this activity in the summer. We are attracting buyers from the Northeast. This is due to the pandemic ( particularly in the major cities ) and the civil unrest. The low density of housing in our area has been noticed.
The new trend of working remotely has caused people to look at their housing options. If you can work remotely, why not consider living in a more desirable environment?
The pandemic has chased many east coast Floridians over to Naples on the west coast. While they are visiting some have turned into buyers.