I am frequently asked what impact will the pandemic have on our real estate market. Since we are living in unchartered times, it is hard to predict the future of the market. As you would expect, there is an abundance of conflicting and varied opinions from the experts.
On a personal and local level, the Bill Sohl Luxury Homes Team experienced a very active and strong market during March and April. Five of our listings went under contract and 6 closed during the shutdown. We also acquired 2 new listings, during that time, and both went under contract within days. In addition to our listings, we represented buyers in 4 separate transactions. Therefore, from our perspective, the market remained strong. However, the data from the MLS for Coral Springs/Parkland revealed some signs of weakening. While the average sale price was higher for March/April 2020 when compared to March/April 2019, the number of sales decreased.
Understandably, high unemployment, a weak economy, uncertainty, and confusion will negatively impact the market. Yet, our observations and research are showing a trend which could favorably impact the Coral Springs/Parkland market in the long term. Many individuals, who reside in high-density communities, are now desiring a home and environment with space. Specifically, they want to live, work, play and breath within their own personal space. Not only do they want personal outdoor space, many need more indoor space. As a result, “Personal Space” is quickly becoming the number one amenity buyers are seeking. For instance, many buyers are seeking the following:
- A lower density community.
- A personal and private backyard.
- They want to leave their home and walk within their community without encountering large numbers of people or crowded sidewalks.
- Many buyers no longer want to use an elevator.
- An attached garage. They do not want to park in a shared parking garage.
- Private pool.
- A room for a home office.
- Room for a home gym.
- Space for “worry-free” time to enjoy family and friends.
There is no doubt the virus will forever change the way we live and it will set new priorities for us. Consequently, one cannot help wondering if the below-mentioned factors will become essential for some buyers.
Bill Sohl & Associates • www.BillSohlSellsParkland.com • 954-655-5097