Editor's note: Joel Schemmel of the Schemmel Group talks about the Sarasota, FL real estate market performance in 2020 in this Q&A with Haute Residence.
How did the real estate market look at the beginning of 2020?
Certainly, the 2020 real estate market in the Sarasota area has been a roller coaster ride! A good end to 2019 continued into 2020. The first-quarter unit sales for both single-family homes and condos in almost every price point were up compared to the same period in 2019. Of course, the end of March was the beginning of the COVID-19 shutdown. Real estate sales basically stopped for a good part of the second quarter
Photo Credit: Coastal Home Photography
What, if any, changes did the pandemic have on prices? On inventory?
As we entered the second quarter of 2020, we had no idea what impact the pandemic would have on the real estate market. Sales stopped for most of March and April. What we ultimately realized is that the pandemic combined with an already existing incentive to move from high tax states was a catalyst for the quick rebound of the real estate market. No income tax, great weather, the ability to work from home, lifestyle choices, etc. all led to more sales in the late second and third quarters than we expected pre-pandemic. Ultimately this has resulted in significant decreases in listing inventory – particularly for single-family homes. Because of low inventory levels and continuing demand, we are seeing prices increase and a change to a predominantly Seller’s market.
Photo Credit: Coastal Home Photography
Professionally, what have you learned in 2020 about yourself?
It has certainly been a nerve-racking year. During the shutdown, we were worried about the economy and the market. All three of our children came home from college and all their courses were online – one graduating virtually. We took this downtime, like so many others, to reflect on our business and priorities. We stayed focused and worked on our infrastructure and the future. Improvements in communication with existing and future clients was one of our priorities. We learned that there is always progress to be made in our business and personal lives regardless of market factors. We must continue to stay positive and look for the opportunities and the silver lining!
Photo Credit: Coastal Home Photography
Click "Learn More" above to contact Joel Schemmel.
