The Reality of Realty in a Pandemic

While the month of May saw us through the tenth week of Ontario’s State of Emergency with the COVID19 Pandemic, the real estate market continued to show strong numbers. There are many forces that can have a direct impact on home sales; in this market specifically, low supply is resulting in high demand, upward pressure on prices and sales that end up with competing offers and sales fetching up to 103% of asking price.

Adapting to an ever-changing environment is a part of being in this business and with changes that occur almost daily for us all, the business continues to adapt. Showing homes – when allowed – comes with it’s own rules and limitations. Masks and gloves are worn, surfaces are generally untouched as the homeowners leave all lights on and doors open as well as the number of people allowed to attend a showing are limited.

Keeping a close eye on the market conditions in Acton, here are some statistics to consider for the period of May 1 – May 31, 2020

· 11 homes sold firm at 98% of asking price with three left conditionally sold as of May 31

· Average sale price in Acton - $715,773 which is just over an 11% increase in value over the same period in 2019

· 21 average days on market to sell

Contrasting with May, 2019

· 23 homes sold firm at 99% of asking price

· Average sale price in Acton - $641,652

· 19 average days on market to sell

Looking forward to June, I feel the current trend will continue and strengthen as restrictions loosen. I hope that throughout this pandemic we have been able to re-evaluate and grow as people, as families and as communities.