Home sales and new listings down dramatically due to COVID-19 lock down.
The current lock down has caused a dramatic drop in sales and new listings as expected. In April residential home sales in the region saw a 39.4 per cent decrease from April 2019, and a 56.1 per cent decrease from March 2020.
New guidelines and protocols have been put in place for physical viewings of properties that include wearing masks and gloves and minimizing the number of attendees at each showing. Potential Buyers are also asked to sign a declaration that they have not travelled far from home in the last few weeks and are not experiencing any symptoms of the virus. I have conducted several viewings this way and it takes a little getting used to but at least physical viewings can happen in a reasonably safe manner at the discretion of the Seller. Now if I could just learn how to remove those darn latex gloves efficiently.
We have also seen a big increase in virtual tours on listings and there are some systems now that allow you to walk virtually around inside the home and even take measurements.
Even with the current situation, prices appear to have remained relatively stable so far and it will be interesting to see how the pent-up demand affects the market when we get back to the new normal.
Stay safe and feel free to contact me if you have any questions.