Eric | May. 13, 2020
Let’s get some sun! I think we all agree that if we could just get a few consecutive days of warmth and sunlight that we could feel positive and a little more normal-“ish”. I’ve noticed over the past months how “new normal” seems to be the way to describe how quickly and permanently we are learning to accept and adapt to rapid changes. The changes we are experiencing in the economy, socially, with our health and the health of our world’s environment can be overwhelming and all this “new normal” can make us feel helpless and at the mercy of uninvited change.
We have to remember that change isn’t all bad. With the right mindset we can take advantage of a changing landscape and discover opportunities in our environment and in ourselves that make our lives better. At the very least our appreciation will grow for the things we take for granted – the food on our plates, clothes on our backs, family, friends and the roof over our heads. A home is the one place we can feel comfortable and safe. It’s where we eat, sleep, spend time with family and shelter from the elements. Being locked down has given us the opportunity to spend more time in our homes and realize how important they are. I think over the next months and years the experience of a home and its utility will be a driving force behind our Real Estate market.
227 Homes sold in April – down 63.6%
145 single detached homes sold – down 63.3%
22 condos sold – down 71.1%
44 towns sold – down 61.1%
16 semi-detached – down 60%
There were 417 properties listed in April – down 54.8% vs April last year. At the end of April there were 571 active listings – down 36.6%. This is typically the busiest time of year for Real Estate
As mentioned on many occasions, sales numbers are counted on closed Real Estate transactions. These transactions happened 30-90+ days ago. We will likely only see price figures reflective of our current situation in June/July/August. Here’s how the numbers look:
Average price of all Residential Sales in KW: $568,738 UP 7.3%
Average price of Single detached homes in KW: $657,042 UP 7.3%
Average price of apartment condos in KW: $367,230 UP 8.1%
Average price of town houses in KW: $406,463 UP 0.4%
Average price of semi-detached homes in KW: $491,816 UP 13.3%
As we navigate this new normal that won’t disappear anytime soon, we will inevitably add more pieces to the puzzle of this normal. We will adjust and so will business and government. Businesses will embrace remote workers – this was a trend happening already. The pandemic has simply fast-tracked this initiative. The same is potentially true for many other aspects of our lives, including online schooling and shopping, delivery and shipping, in-home elderly care, etc. The common denominator for a lot of the changes that were already in play and being encouraged and reinforced right now is a home. That is why I am positive that Real Estate is going to benefit from this event and will come out stronger and more important than ever.