In March of 2020, the carpet was yanked out from beneath the real estate industry as we all learned how to stay safe in the face of a worsening pandemic. However, once real estate was affirmed to be an “essential” industry, brokerages, title companies, and inspectors — among many others — hit the ground running.
While inventory remains rather anemic, those organizations that adapted quickly have thrived, posting record sales numbers last year despite the extremely complicated and stressful environment.
“In a typical year, December would see the housing market begin to slow for the holidays — but, 2020 was anything but typical,” said Briggs Freeman Sotheby’s President and CEO Robbie Briggs.
The luxury market here was — and continues to be — one of the hottest we’ve ever seen. The pandemic fundamentally shifted the definition of home: Now, for both amenities and property size, bigger will continue to be better.
One particular case stands out.
For Briggs Freeman Sotheby’s International Realty, sales of ultra-luxury homes and getaway ranches boomed. When all was said and done in 2020, Briggs Freeman Sotheby’s International Realty had represented 2020’s highest home sale in Dallas County and the top ranch sale in all of Texas.
The unprecedented year brought unprecedented activity, especially for firms that actively market both in-town listings and second homes. As a result, Briggs Freeman’s 400-plus agents brought in $3.45 billion in total transaction volume — a record in the company’s 60-year history.
Among the standouts that sold: 10210 Strait Lane, the only Philip Johnson home in Dallas, listed for $19.5 million; and the firm’s top ranch offering, Gearhart Ranch, more than 9,000 acres in Fort Davis, Texas, listed for more than $30 million.
In all, the agents of Briggs Freeman Sotheby’s International Realty represented a jaw-dropping 3,020 sides of transactions in 2020 — in deals across Texas, Nevada, Colorado, Mexico and more.
“At Briggs Freeman Sotheby’s International Realty, our agents and staff adapted to every challenge thrown at them — then catapulted our total volume of residential, ranch, land and commercial transactions to a record $3.45 billion,” said Briggs. “That is what experienced professionals do: They raise the bar.”
Briggs Freeman Sotheby’s International Realty reports that their listings that were well-priced and well-marketed and sold very quickly, often with multiple offers. The brokerage predicts that this will continue into 2021 in all of its luxury markets, especially Highland Park, University Park, Preston Hollow, Southlake, Lakewood, and Fort Worth.
Looking Forward
In fact, the brokerage has just released two information-packed reports about the year ahead: one on the North Texas market and one on the global luxury market. Both are loaded with facts, figures and projections about 2021 — and both could save or make you a lot of money. Scroll to the two reports on this special webpage: briggsfreeman.com/market-moves.
The first report, Luxury Outlook, is the guide to global luxury. It’s got stories on everything from private islands (the ultimate status symbols?) to the seasonal cities that are becoming year-round cities, thanks to working from home. The whole report is a fascinating read.
The second report, Market Moves, is all about the North Texas market — and it is loaded, too. It starts with some perspective from brokerage CEO Robbie Briggs, then digs into some eye-opening data about the market across North Texas. There is a lot of value packed into this online publication.
“Buyers are looking for several things now: more space inside and out, which North Texas homes offer; the ability to work comfortably and efficiently from home; and to move to a neighborhood where they feel a real sense of community, which is also a hallmark of North Texas living,” Briggs said. “One factor driving the market is the large number of residents from California, Illinois, and New York flocking to Texas, attracted here for all of those reasons.”
Of course, with how low inventory is right now, knowing the market backwards and forwards will prepare you to make a winning offer when you’re ready to buy. And for those who are lucky enough to find their dream home in this incredibly competitive market, fingers crossed for a quick close!
