City dwellers began the journey out of metros in late March/early April, at the start of the virus pandemic lockdowns. When late May/early June rolled around, just as the social unrest erupted across major metros, the second exodus round was seen.
For more color on this evolving trend, and the importance of understanding the exodus, could, at some point, correct metro home prices, Coast to Coast Network, a real estate team of agents affiliated with Compass, is reporting a massive "boom" in the second home real estate market.
Nicole Blair from the Compass Tahoe team said Bay Area folks are quickly exiting the metro area for Lake Tahoe as they now have the ability to work remotely, reported Tahoe Daily Tribune.
Blair said this has led to a massive demand surge for the rural area located in the Sierra Nevada Mountains.
"The Lake Tahoe market has never seen activity like this," said Blair. "Bay Area residents are flocking to the area as they realize they can work from home and they also want more space around them."
She said, "for example, in the month of July, our Multiple Listing Service has gone up 4% in new listings, up 60% in sold listings, down 28% in average days on the market, and up 30% on average listing price which is now equated to $1,140,000."
"The biggest problem realtors are facing right now is too many buyers with not enough inventory," Blair added. "We would have never predicted this outcome back in March."
On the East Coast, Joan Witter of Witter & Witter Boston Cape Cod Connection at Compass said the real estate market is on fire:
"The Cape Cod Market is bustling, I have been selling real estate in this market for over 26 years and have never seen anything like this," said Witter.
And the question every reader has to ask: How long will this exodus from cities last?
We might have found the answer in our latest piece titled "Real Estate Expert Warns' Exodus' From Cities Will Last Two Years."