Warren Shouldice

Cell: 403-461-8103 |

April Real Estate Update

The COVID-19 outbreak has created a new reality for all of us, at least temporarily. Chances are you’re dealing with many new challenges, both personally and professionally. We all are.


Now, it’s up to each of us to do our part so we can get through this as quickly as possible. Remember, we’re all in this together. Stay positive and know that things will get better. In the meantime, you might have immediate concerns about the real estate market. For example, you might be wondering if you should put off moving. Or, you might need to move but are worried about all this uncertainty.


If so, give me a call. As a real estate professional, I have the latest market information, insights and tools - and can give you sound advice. Good information and advice are often the antidote to stress, especially during challenging times. So, please, don’t hesitate to reach out to me.


Take care and stay well.


Market Update:


After a strong start to 2020, economic conditions have dramatically changed, as COVID-19 is impacting all aspects of society. The economic impact is starting to be felt across many industries. This includes the housing market. March sales activity started the month strong, but quickly changed, as concerns regarding the spread of COVID-19 brought about social distancing measures. By the end of the month, sales activity had fallen 11 per cent compared to last year. This is 37 per cent lower than longterm averages. The drop in sales pushed March levels to the lowest recorded since 1995. There was also a large reduction in new listings, almost entirely during the second half of the month. The reduction in new listings should help prevent significant price declines in the market. However, price declines will likely be higher than originally expected due to the combined impact of the pandemic and energy sector crisis.


Quick Stats:


 

March 2019

March 2020

Y/Y% change

Detached

     

Total sales

816

691

-15.32%

Inventory

3,397

2,829

-16.72%

Months of supply*

4.16

4.09

-1.66%

Average DOM

57

47

-16.42%

Benchmark price**

$481,500

$480,800

-0.15%

       

Attached

     

Total sales

322

269

-16.46%

Inventory

1,718

1,525

-11.23%

Months of supply*

5.34

5.67

6.26%

Average DOM

66

60

-8.82%

Benchmark price**

$314,000

$310,500

-1.11%

       

Apartment

     

Total sales

189

217

14.81%

Inventory

1,496

1,428

-4.55%

Months of supply*

7.92

6.58

-16.86%

Average DOM

74

59

-20.10%

Benchmark price**

$249,600

$243,700

-2.36%


*Months of supply: The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.


**Benchmark price: The monthly price of the typical home based on its attributes, providing the best measure of price trends.


Help Buyers Understand the Area


There’s a famous saying in the real estate business: “Location, location, location”. It simply means that where your home is located - your neighbourhood - is just as important to potential buyers as the features of the property itself.


Sellers often make the mistake of creating a long list of home features while ignoring neighbourhood features. They tout the spacious kitchen, and the newly renovated bathrooms, but say little about the area.

So, when you’re ready to sell your home, sit down and create two lists: home features and neighbourhood features. Buyers want to know both.

On the neighbourhood features list, include:

  • Locations of schools and daycare centres.
  • Major retailers and shopping centres.
  • Proximity to major commuting routes.
  • Theatres, night clubs and other entertainment.
  • Rinks, gyms and other sporting facilities.
  • Green space, walking trails, and ponds.

When buyers have their eyes on two properties which are comparable in features, the neighbourhood is often the deciding factor.




Comments:
No comments

Post Your Comment:

Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.