2020 has been one heck of a year so far eh? It is the year of the unknown, I like to call it. We do not know what will happen, when anything will come back to normal, when sports are back, or even when we can hug a friend again. Only things we can count on is some weekly real estate statistics, and with that, here are the stats for what is happening right now up to May 1st 2020.
GTA Showings and offers – Last 90 Days to April 30th 2020
Looking all the way back to the last 90 days, the real estate market was doing very well up until COVID19 hit around the 14th of March. Everything from that point slowed down and showings were at a low. They were down from Mid March to pretty much mid April. What we do see is a slow, progressive linear increase for the first time in a while from about the 11th of April. Although the number of showings overall are still very low, they are increasing.
GTA Market Trends– Last 30 days- Showings trending upwards!
We get a better idea about the linear increase in showings when looking at the numbers from the last 30 days. Showings are going up and up while everything else such as listings, solds are still a little behind.
GTA Showings- 4th week of April (Month over Month comparing 4th week of March)
Looking at the month over month chart, comparing April end and March end, April is way up, basically double. Shows are up 64.5%, and offers 47% are substantial. Interesting to note are the new exclusives, as the market starts making a come back, there will be less exclusive listings as it becomes better to have the home on MLS.
Showings the final week of April vs the 3rd week of April
Comparing the statistics from the final week of April and the 3rd week, we do see a more consistent upward swing in showings, offers registered and really small increases across the board. It looks like these increases will continue and we will just have to see where the real estate markets goes in May.
Summary
The effects of COVID19 on the real estate market hit hard, interest to view homes as well as makes overs were way down compared to the earlier part of the year. It does seem that incrementally and slowly the market is changing. Perhaps everyone has accepted life as it currently is and with that the market is slowly gaining activity. There is still no way to tell what life or the market will be like in the future. What we do know is it is trending in the right direction at this moment. Consumers are still buying and people still need to sell. Lets hope for lot of sunshine on our market from May.
