by Chris Perkins
on Thursday, April 23rd, 2020 at 11:29am.
Market activity is fairly stable amid the new economic conditions. We've seen a decrease in offers and new listings but we are still seeing upwards of 70 offers a week in HRM.
Listing inventory is much lower than this time last year. It is unlikely we will see any significant price drops but we certainly won't see the same gains as earlier in the year. A cooling off period for the market is not bad news for buyers as things were extremely competitive prior to COVID.
Number of offers written: 30% decrease from 2019.
Number of new listings: 52% decrease from 2019.
Number of cancelled listings: 8 fewer in 2020.
Total active listings: 40% decrease from April 2019.
The big question is what happens when COVID restrictions lift. Some buyers may need some time to recover financially but I expect sellers who've been putting their move on hold will be itching to get their homes on the market. If the past several weeks have done anything, it's made sure you got to know your home better than ever before! Have you fallen more in love or realized what it's missing?
Thinking about a move? Ask us about our virtual market evaluations. Via Zoom meetings, our access to online information and detailed notes, we can offer you the market valuation of your home without ever stepping inside the front door. We can also offer tips and advice for getting your home ready for sale when things return to normal.
Get in contact with one of our representative to help you plan your next move.