The growth and pace of the December market in the County is remarkable. If it continues to trend in this direction, however, it does raise implications for affordability and accessibility. The unique and unprecedented factors at play in the real estate market of 2020 make any predictions extremely challenging given the many moving parts.
There appear to be different schools of thought affecting the outlook for the market, with one being that current trends are likely to continue with cheap money for the foreseeable future, and that working from home will become a permanent fixture of life given the benefits to corporate bottom lines, and ongoing technological advances which enable people to live further afield and closer to lifestyle opportunities. Others, however, are of the view that need for community and the collaborative efficiencies associated with working together and in person will attract people back to the workplace.
In addition, after a year or so of working and staying at home in relative isolation, when society opens up again, there may well be a shift back for some, seeking to take advantage of a more urban lifestyle, travel and alternative recreational options. This could have an impact on secondary markets. With all of these factors in play, including uncertainty as to the long term effects of the pandemic on the economy, it is too early to predict how the market in the County and elsewhere will play out in 2021 and beyond.