The Gist:

  • April 2020: 

    • Supply and demand were limited by about 50% over previous years due to concerns over COVID-19. 

  • May 2020: 

    • Sales: We’re starting to see some spikes above the daily average of sales of previous years. 

      • May 11, 2020: We hit 102 sales in one day, making it our biggest spike in sales since COVID-19. In order to hit our previous years averages, we want to see spikes going even higher than that on a regular basis.

    • New Listings:

      • We’ve hit the average of previous years a few times so far this May, with a few small spikes going above the previous averages. 

  • In previous years, we’ve seen up to ~720 more new listings in April and May than we have this year. 

    • Our guess: We will see listing activity in excess of 250 in a single day when things start to pick up again. 

    • As people start to feel more comfortable putting their house on the market, and others take advantage of great interest rates, we may see MORE listings than we regularly would. 

  • Want to know your next steps?

    • Buyers:

      • Get ready! Get your financing in place [hyperlinked to lender list] so you can go when it’s time, and have your REALTOR® set up a property search to get listings that interest you sent to your inbox as soon as they come to the market. 

    • Sellers:

      • Be ready to manage. Make sure the REALTOR® you choose is staying up to date with what is happening in different parts of the market and is willing and able to bring that information to you without being cued. If you’re having to chase them, you may miss some great opportunities to get out in front of your competition. 

Something to Keep in Mind: the data we receive is a reflection of what happened about 2 weeks in the past, meaning that people are putting offers on houses about 10-14 days before the MLS registers the property as sold, and new listings are initiated a week (or more) before they are actually listed on the MLS to have time for photos, videos, measurements, etc.


Want to Know What’s Happening in Your Neighbourhood? 🏘🏡


 

⬇️ Daily Market Indicators ⬇️

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🎧 HACK&Co Playlist: Price Reduction Remix 🏷

Take a peek at properties that have lowered their prices since Emergency Shutdown 📉