With everything going on in our world today, to speak about market stats and numbers is not easy. For many, this time is much bigger than the housing market, but there are many who still need to sell or buy, even in this difficult time.
The month of March started out with higher than normal sales and great market activity. We were seeing incredible numbers out to open houses and buyer interest was higher than we have seen in years. Those first two weeks of the month really saved the numbers. As we hit mid March, the full scope of this pandemic became apparent and the market ground to an almost complete stop. Showing activity dropped by 96% and sales obviously followed with it. By the end of March, sales were down over 11% over last March and the lowest since 1995.
With the uncertainty of the next few months, it’s hard to know where sales will go. The good news is that the government has deemed real estate an essential service, so we will continue to be here to support our clients and market their listings as best we can through this. If you have questions about viewing properties or need to find a home, let us know. There are certain protocols that have been put in place to protect both buyers and sellers in the cases where showings need to happen.
With any kind of market there are opportunities. Right now, the opportunities would be for buyers. There are some sellers out there who absolutely need to get their homes sold and with lack of buyers out there right now, may become desperate and lower their price significantly to get a deal done.
Over all, we are remaining positive that we will come out of this and there will be real estate transactions that continue to be completed and the housing market will rebound!
If you have questions about the current Calgary market, or your home or community specifically, please reach out to discuss.