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There’s still time for a late Spring market!
While the figures from April 2020 were quite demoralizing for property owners, this month’s numbers show signs of a recovery. The 145 sales in May 2020, while down almost 45% in volume year over year, are up 40% when compared to April’s number. The average sale price of $759,100 is up 3% compared to last May’s number, and 2.7% since last month. Despite the number of transactions still being low, things are on the upswing. Inventory remains low at just over 1 month’s supply (140 units), based on current volume. At the end of May 2019, it was at 5 weeks supply (320 units). Average days on the market is at 21.
Another reassuring stat that we now have access to is number of showings booked across all RE/MAX Real Estate Centre (RREC) offices. The week prior to the state of emergency announcement in mid-March, we had roughly 4200 showing requests on RREC listings. This dropped to as little as 550 showings the first week of April, and has now rebounded to 2750 showings this last week of May with a strong upwards trend. We have also noticed multiple offers on several listings, including our own (30 showings and 5 offers within 2 days on a property listed May 31st).
Despite what the media or crazy people on Facebook might be saying, the numbers tell the truth. The market is currently quite balanced, albeit trading at a lower volume than before. There are both less buyers and less sellers, which is understandable based on the ongoing pandemic situation. On one hand, mortgage deferrals and unemployment are up, but on the other hand new construction is down. Due to this, supply should remain pretty stable moving forward. There should also continue to be a slow increase in transactions and prices, unless there are other major developments.
Talk about a complex situation! Luckily we’ve got your back with the right information and the experience and know-how to make your next move quick and stress free, even in these troubling times.
Your local Real Estate experts,
Kyle and Jay