So an important Real Estate question in 2020 is not only is how is the market ? It is How is the market during Covid? How is the market after the U.S. election?, How is the market with interest rates being low?. You can easily say that 2020 has been the most surreal year in our lives since World War 2. It has been the most unique year in real estate as well. We saw a strong first quarter in North Central Florida (Ocala and The Villages) only to have the local real estate economy come to a screeching halt due to Covid. Real estate showings went down 90 percent in local areas for a 4 week period during the lockdown. We saw a gradual increase in showings and pending sales through May-June. And an incredible amount of traffic and a record number of pendings through the summer to early fall. It was as if the real estate market was catching up for lost time. In many areas around the country the amount of properties sold exceeded the record number in 2019. In our area we are still 7-8 percent behind last year however the gap has really been closed over the last 6 months. Part of the reason for this has been the low interest rates. The buying power of millennials especially in feeder markets to ours in The Villages and in Ocala, has led to many buyers flocking to our area. These buyers have cash in hand or a lot of funds for a substantial down payment.
The Presidential election whether you voted for Donald Trump or Joe Biden has slowed down the market somewhat. Inventory in our area has grown. Some Realtors have a concern about the increased inventory however November is typically a slower month. Typically a decrease of 6-7 percent in real Estate business during November occurs. During presidential years, 12-13 percent drop offs are typical. Plus this year is a special year any way you can add another 5-10 percent to that decrease. Lastly it has been noted that after the presidential campaigns are finished the next year all lost ground is then made up. So overall I believe 2021 will be a robust year in Ocala and The Villages.