April sales were half of March sales, but new listings were also half. This means that there are fewer buyers in the market but also a lot less inventory to choose from! For the most part this is keeping prices from significantly dropping right now. If you are thinking of selling, we still have buyers for properties at market value, with 7 sales since our last newsletter was sent out! There is still some pent up demand from buyers who were beginning their search and got interrupted by Covid-19. As restrictions ease, this spring will be a good opportunity to sell properties using proper sanitation and health screening measure, as well as virtual tour technology.
Hot Listings: Elgin Houses — 17% of all detached houses in Elgin sold last month. This was the best month in 3 years for Elgin!
Value Buys: Condos — After outperforming townhouses and detached homes the last few years, condos have cooled off. Combined with people being worried about sharing elevators and common areas, this resulted in only 10% of all condo listings selling last month, the lowest we've seen in over 5 years. Buyers have more selection and negotiating power right now!