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For .pdf version, please click here: Newsletter – May 2020
COVID-19 and Real Estate so far
After our first full month of Real Estate during COVID-19, much information has been gathered and now must be interpreted. The 103 sales in April 2020 are definitely not representative of “business as usual” for the typically active Spring Market and are down about 60%. The average sale price of $739,200, while still up 3% when compared to April 2019, is down roughly 8% from the all time high roughly 1.5 months ago. Current figures for both stats are comparable to what we saw in late 2019. An inventory of roughly 150 units is very low for this time of year, but provides a stable 1.5months supply at the current rate of sales. The average home sold for 99.2% of list price.
We predict that May will likely mirror April pretty closely. Prices seem to be quite stable after the initial shock and the relatively low level of transactions does not favour buyers as much as one might think. Both buyers and sellers have put things on hold at a pretty similar rate and currently the market appears to be quite balanced at the new lower price and volume levels. Those who need to sell are selling and those who need to buy are buying. The biggest change is the way business is being conducted. Common practice is for buyers and their agents to fill in COVID-19 questionnaires prior to visiting any properties. “Virtual” showings are also commonplace while physical open houses are no longer being held.
We are keeping our fingers on the pulse of this ever changing Real Estate landscape. With any luck this will all be behind us soon as it does seem as though we have passed the peak of COVID-19 cases for now. Whatever may happen, we are here to help serve you safely for all your Real Estate needs.
Your local Real Estate professionals,
Kyle and Jay