Unprecedented March Madness in Real Estate

March was challenging to say the least. The month started with lots of new listings and lots of new deals, continuing the hottest market since 2017 up until the second week of March when Covid-19 `brought us all closer together as humans and family members while keeping us further apart physically. 

For those of you who have been following me for a while you know that the inventory and activity has been shrinking by 27% in relative unison, keeping the months supply and average prices fairly stable.
 

There are still people buying and selling houses for all sorts of different reasons throughout this pandemic. There are people who have already sold before this came along who now have to buy, and there are people who had already bought who now have to sell. There are also buyers now who are hoping to take advantage of not having to compete with as many buyers as before who are able to secure a property at a reasonable price. There are sellers who are downsizing for various reasons. Some sellers are downsizing because they might have been laid off by their employer. Some sellers are downsizing because they had already planned to do it this year or next and are afraid that the market will drop further before Covid is gone and want to maximize their nest egg.

The buying and selling process has changed quite a bit. Buyers and buyer agents must sign declarations of health and not having travelled in the last 14 days. Buyers are not to bring entire families to showings, only the one or two decision makers. Buyers are not to touch anything inside the house. Sellers are to leave all the lights on inside their house and leave every door open a crack. The only door handle that should be touched is the front door (by a gloved hand). Sellers are to leave hand sanitizer at the front door for guests. Buyer agents are to pre-qualify their buyers like never before, going over the bank pre-approval, going over any properties that buyers want to see over the online pictures first to whittle down the list to as short as possible to limit exposure for all those involved.

Showings are down considerably, but the showings that are happening are with super qualified buyers so the sales to showings ratio is really high right now.

Oakville

Oakville’s average sales price slipped by 5% down to $1,117,643 from the previous month, but still up 10% from a year ago. At 1.9 months supply it still very much a seller’s market.

Milton

Milton’s average selling price is now in uncharted territory, higher than ever before, even higher than 201 at an average sales price of $840,176 it represents a 4.5% price increase from a month ago and a 17% price increase from a year ago! Clearly at 1 month’s supply its very much a seller’s market still.

Burlington

Burlington’s average sales price decreased by 2.5% from a month ago down to $841,376, but still up from last year by 10% and at 1.3 months supply it’s also a seller’s market.