January 1st, 2020 we stepped into a new decade. April 1st, 2020, ninety days later we are living in a weird, weird new world and time. What happened in the first quarter of 2020 around Door County and the nation…
Here in Door County kids were getting ready to go back to school, the high school basketball seasons were in full swing, we had a decent covering of snow, and New Year resolutions abounded. The real estate market was good, and as it has been the last several Januarys.
Nationally President Trump ordered a strike killing Iran’s top commander, Qassem Soleimani. Oil prices soared, and fizzled.
Whether you believe it occurs or not, climate change was in the news. Larry Fink of BlackRock (a money mangement firm) said is it stepping up the effort to confront climate change.
While President Trump was signing a “phase one” trade deal with China, China locked down 56 million people while the coronavirus spread.
Professional basketball player Kobe Bryant’s death stunned fans.
Winter drones on in Door County. Seems like we will not have the extreme cold we had last year, and schools are not experiencing “snow days”. Real estate remains steady, and this year I have no interest in the Super Bowl because the Packer’s are not there. I continue to watch lots of high school basketball.
By all accounts the Iowa caucuses were a disaster, at least on the technological
front. Tesla was a stock front-runner. Early in February the Fed said that the Coronavirus could pose a risk to the United States economy. In Door County we knew the Coronavirus existed but were we too confident that it wouldn’t reach us?
China seemed to be slowly getting back to work after many weeks of quarantine. In the United States people were preparing for an outbreak.
In Door County we are still well aware of the Coronavirus, and there are even some shortages of toilet paper. Schools are still in session, but soon schools would close, high school winter sports seasons would be cancelled, and Governor Ever’s Safer at Home order hit–salons, barber & beauty shops closed, restaurants and bars can only offer take-out, Door County municipalities and then the Door County Visitor Bureau/Destination Door County ask people to stop coming to Door County. No confirmed cases yet, but it’s real.
On the national front Joe Biden took the lead in the Democratic primary.
College and professional sporting events are cancelled. Colleges and universities close. The Coronavirus as people hurrying to get home from Europe. Saudi Arabia starts an oil price war.
The Fed cut rates half a percentage point in an effort to keep the United States economy going. On March 9 stocks plunged. On March 11th the DOW entered a bear market. On March 16 the market lost almost 3000 points.
Wartime economy for the private sector became the norm by mid-March. Nonessential businesses were closing. A staggering 3.3 million Americans filed for unemployment compensation benefits in just one week. The United States government passed a $2.2 million dollar stimulus package.
Welcome April 2020
Gas prices here in Door County are in the $1.25 gallon range. Lodging establishments are closed. Bars and restaurants, if they chose to remain open, are offering take-out. Grocery and hardware stores are offering curb-side delivery. We all need a a hair cut and our nails done.
Almost 3 billion people around the world under some kind of lockdown. Looks like we’ll be experiencing the second quarter of 2020 from our living room.
What About Door County Real Estate?
Granted, the market is slower now. People are staying home and not generally out viewing houses. In some cases sellers do not want people going through their houses. If however a buyer is ready to buy, we can work it out with necessary precautions.
This may be a market correction, but it is not like last time–it is not like 2008. See the article, Market Adjustment Real Estate 2020 in Door County for my analysis why it’s different.