From our June 2020 Monthly Email (to subscribe click here):
Now that we are a couple of weeks into Phase Two of the BC Government’s COVID-19 plan, people are starting to settle into what will be our new normal for the next few months. Restaurants and parks are opening, people are able get a hair cut and we are all getting used to the precautions we have to take in this new environment.
The Real Estate sector has continued to move forward during Phase One of the BC Government’s COVID-19 plan. Properties have been bought and sold, and Realtors have adapted to the situation by using technology to host Virtual Open Houses, take Virtual Tours, sign documents electronically and meet with clients using platforms such as Zoom and Facetime.
Perhaps you took the time to read Macdonald Realty’s Guide to Buying and Selling During Covid, which was included in last month’s emailer? Those guidelines are now the new normal and the industry has adapted to this new way of doing things. That means that buyers and sellers should feel comfortable knowing that there is successful protocol put in place for their safety. As Realtors, we’re doing our best to ensure no resurgence of COVID-19 in our communities.
For those who are interested in the numbers – a total of 457 properties sold in the region in May, down from May of 2019 where sales yielded 848 properties sold. This represents a drop of 46.1% from last year, although it’s an increase from this April.
As businesses continue to open up, sales and listings are beginning to lift. One theme that continues in our market is that well-priced properties, in high demand areas, are getting multiple offers, and some homes are going for over the asking price.
There were 2544 active listings at the end of May this year, and while an increase from April, it’s a decrease from 2019.
Despite this, as last month, prices have held and this month’s Benchmark price for the core municipalities edged up a wee bit. This, like April, is likely because both listings and sales fell off by similar percentages, so this smaller choice of listings was met by a smaller cadre of buyers. For them, at least, it all worked out just fine.
If you were thinking of buying or selling this Spring, but had put your plans on hold because of Covid-19 and concerns about safety, perhaps now is the time to reconsider. If you’d like to explore what is happening in the local Real Estate Market and talk about buying and selling during Covid, I’d be happy to talk to you. Contact me via phone, text, or email. We can even set up a meeting using Facetime or Zoom and we can discuss your options.
PS: If you missed last month’s Macdonald Realty’s Guide to Buying and Selling During Covid and would like a copy, please let me know and I will send you a PDF of the document.