Working from home has proven to be a sweet freedom amid a year of COVID-19 restrictions, as there has been a home-buying boom in master-planned communities, according to John Burns Real Estate Consulting.
“For many, work-from-home flexibility eliminated the need for proximity to an office. The usual trade-off between a dream home and a dream job evaporated, as quickly as a ready supply of toilet paper,” write Burns consultants Jody Kahn, Devyn Bachman, and Nicole Luszczak.
“Master plans’ new-home sales boomed across the country as work-from-home opportunities became permanent for many, and commute times became a drudgery of the past. Our consulting associates connect this newfound flexibility to skyrocketing sales in 2020.”
Master-planned communities “embody several trends that our team chronicled in client reports, a podcast, and articles we released in 2020. “
These themes include:
- The home-buying sales boom supported by massive numbers of buyers working and learning from home;
- A shift to the suburbs (and sometimes other metros) from higher-density urban locations;
- The search for outdoor spaces and ways to exercise and play while socially distanced;
- The balancing of our human need for connection with separation for safety and sanity.
Buyer urgency drives a new Top 50 sales record in master-planned communities
“No doubt the low mortgage rates helped, but home buyers’ urgency to improve their living spaces contributed significantly to the burst in sales.
“Together, the top 50 (nationwide) master plans sold 37,305 new homes in 2020, setting a new record in our ranking history. Our updated ranking includes a few adjustments to sales numbers and developer names from those quickly shared with us in the first 2–3 days of the new year,” the report says.
Tacoma master-planned community one of the top in sales
“Seattle’s tech companies have embraced working from home, and employees who do not plan on returning to offices five days per week are willing to drive further to find their ideal communities.
“Master plans such as Tehaleh in Tacoma offer family-oriented outdoorsy lifestyles and active adult housing that are attractive to Pacific Northwest buyers,” the report says.
About John Burns Real Estate Consulting
For help maximizing sales and price in 2021, please contact our local consulting leaders or Ken Perlman, our Consulting Principal who has become (in our opinion) the national expert on successful master plan segmentation and amenity programs, working closely with our local leadership.
For more information on the MPC rankings, metro and regional new home sales and pricing trends, and our residential land, builder, and single-family rental operator surveys, please contact Jody Kahn, Devyn Bachman, or Nicole Luszczak.