May 2020 - Market Update

Posted by Jared Chamberlain on Monday, May 4th, 2020 at 1:59pm.

may_2020_market_stats1M A Y ~ 2 0 2 0 || As expected, we are seeing massive drops in terms of sales happening. Across the city, we saw a decrease of over 63% in the number of sales compared to April 2019.

If you are considering a purchase in this market, you may think there will be some amazing deals, but in reality, the inventory is a bit low. So, if you are in a hotter price range (under $500,000) you could see homes still moving quicker if they are priced well for the time we're in.


Where we have seen the biggest adjustments is in the price ranges above $600,000. The number of homes that sold over this price has really dropped. So if you are planning on selling in this range, you MUST have a kick a$$ strategy to get you in front of the potentially few buyers that are looking right now.

Now in saying all this there is hope... Here's why. Over the past week, we have seen an increase in traffic on our website, as well as calls into our office and appointments being booked for our team. People are starting to re-think their plans of moving and we could see some rebound in the number of sales as we move into the summer.

 

 

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com