April 2020 stats are in, what did the previous month bring?⠀⠀
I think it's safe to say that no one saw this coming. As COVID-19 has put stress on people and the global economy, the real estate market has suffered this past month due to social distancing measures and the general fear that is natural with a global pandemic. While it will take time for unemployment rates to decrease and the market to turn around, we are heading towards a new normal.⠀
Detached Homes - Detached sales eased by 63% this month compared to last year. The largest decline was seen in the West district⠀
Attached - Semi-detached and row properties recorded a significant drop in sales and new listings, causing inventories to decline by nearly 20%. With a combined inventory of 1,441 units compared to just 138 sales, the months of supply rose to over 10 months⠀
Apartments - Apartment sales slowed to 95 units. This is a 62% decline over last year. New listings also slowed, but it was not enough to support a larger decline in inventory levels, which only eased by 13% compared to last year. With 1,349 units in inventory, the months of supply rose to 14 months
This is not business as usual, however real estate transactions are still occurring! If you are wondering about entering the market as a buyer or seller, reach out anytime to discuss the best next steps for you.