I’m Drew Woolcott, broker of record with The Woolcott Team. Welcome to this week’s roundup of market stats.
As we wrap up six full weeks of COVID-19 affecting the real estate market, we’re going to look at what has been happening both since COVID-19 had a recognizable impact on the market and also take a deep dive at what happened in just the last week.
The Waterdown-Hamilton-Burlington market has seen a drop of about 47% on the sales and about 39% on the listings year-over-year, which is to be expected given the massive social change that has happened over the past six weeks.
What is also telling about what’s going on in the market is taking a specific look at the past week. From April 13-19, 2020, there were 174 new listings and 90 sales. For the same time in 2019, there were 379 new listings and 251 sales. This is a decline of 54% in listings and a 64% decrease in sales.
What this shows is that as we dive into things is that yes, sales are still happening, but they are certainly nowhere near the level that is typical for the spring market in the area.
Interestingly, buyer activity is very slowly starting to creep up, and this may be because buyers are getting comfortable about properties virtually. We’ve seen an increase in buyers enquiring on properties that our team has listed, and a few of our properties that are listed for sale actually went in to multiple offer situations in the last couple days. These were in the starter home price range.
Stay tuned for our next update, and stay safe