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For .pdf version, please click here: Newsletter – April 2020
COVID-19 and the impact on Real Estate
At the beginning of March 2020, real estate prices in Milton were at an all time high and on a strong upward trajectory. However by mid-March things had started to change. The 193 sales in March represent a slight 1.5% decrease in volume year-over-year. The average price of a home was a staggering $798,100 up 12.6% when compared to last March. These numbers don’t tell the whole story though, prices prior to mid-March were likely quite a bit higher and have been on a slight downward trend. The average sale price throughout the month was 102% of list price, and inventory currently sits at roughly ~1month of supply.
March 13th when the government of Ontario shut down schools to start helping “flatten the curve” buyers and sellers both quickly noticed that this would impact not only the market, but how real estate business was going to be transacted. Within the following week, showings (at least physical ones) slowed substantially. Economic uncertainty, combined with buyers and sellers not wanting to physically visit homes changed many norms. Many sellers who did not need to sell opted to remove their homes from the market and some buyers who weren’t in a rush to purchase took a step back. Real estate has been deemed an essential service so we are still in business and able to help clients, while taking many precautions to keep everyone safe. Things are mostly done electronically, with the help of digital tours and virtual showings/open houses as well as e- signatures.
If you would like to discuss your options with regards to making a move in this complex and changing market, call or send us an email. We’d be happy to chat with you and walk you through the best plan of action.
Your local Real Estate professionals,
Kyle and Jay