A Tale of Two Markets: Social Distancing in Real Estate
MARKET COMMENTARY: MARCH 2020
The past few weeks have reshaped the world around us. Certainly, we are all doing our best to manage our lives in the face of tremendous uncertainty. While it would be irresponsible to offer assurances or projections, we can promise you that every COVID-related decision and policy put into place at Harvey Kalles Real Estate has been based on fact, not opinion. We continue to adhere to all safety protocols put forward by the government and our industry associations.
While social distancing and isolation are disrupting our way of life, it’s essential to remember that you are not stuck at home…you are safe at home. The message is clear: Social distancing is critical. It can save your life and it can save the lives of others. Right now, health and welfare are paramount, everything else is a distant second.
You’ll likely have read that real estate has been declared an essential service. Business can continue, but it’s not business as usual. The Toronto Regional Real Estate Board (TRREB) is requesting that members do not conduct open houses and refrain from face-to-face real estate practices. With that in mind, our team can meet your needs through virtual tours and showings, online meetings, or digital transactions.
Turning to the market, the numbers are out for March. Though sales volume is up 12.3% from last year, it’s really a tale of two markets. The 4643 sales reported in the first half of March represent a 49% increase from 2019, while the 3369 sales reported after March 15th represent a 16% decline. The average selling price for March 2020 was $902,680, up 14.5% compared to March 2019; however, the average selling price for sales reported after March 15 was $862,563, down from the first half of March, but still up 10.5% year-over-year.
We appreciate that social distancing creates unique challenges when conducting a real estate transaction. Rest assured, however, the level of service, integrity and experience that you expect from a Harvey Kalles sales professional is unwavering. So, stay safe, stay inside, and stay in touch.