How COVID-19 Has Impacted Our Local Real-Estate Market
It’s been an interesting several months to say the least…Who would have thought six months ago that by mid-March we would be in the midst of a global pandemic? We’ve had a lot of people ask us how COVID-19 has impacted the local real-estate market, so we thought we would provide our thoughts on how things are going.
While COVID-19 has presented challenges for all of us, it has also brought about a reset on many fronts, forcing us to take stock of what’s truly important in life. For instance, the need to isolate at home in the spring, made people realize the importance of comfortable home environments. Whether home is an apartment or condo in the city, a house in the suburbs, or a large property in the country, the more time we spend there, the more we want it to be pleasing. Creating enjoyable and functional spaces in our homes, has become more important than ever. Whether that means larger outdoor spaces for year-round enjoyment, designated home offices and study spaces, or larger kitchens and family rooms, people realize that they will likely be spending more time at home for the foreseeable future and they’re focused on meeting their lifestyle requirements. This, in turn, is impacting the real-estate market.
So how has COVID impacted the real-estate market in our area? We’re happy to tell you that we have remained very busy and that the real-estate market here is strong. Several of our listings have sold on their first day on the market and many have had multiple offers. People are looking for homes and the reality is that there is not a lot of inventory on the market. In fact, according to the Saint John Real Estate Board, residential sales in the month of June were up, posting the second-best June numbers on record. Residential sales haven’t reached this level in the month of June for more than a decade. The average price of homes sold in June 2020 hit a record high, increasing 13.6% from June 2019 and passing the $200,000 level for the first time in history.
While it’s difficult to predict the long-term impact of the pandemic on our local real-estate market, we’re very optimistic. Our market is strong now and we’re well-positioned in New Brunswick for that to continue. So, if you’re thinking of selling, now is a great time. Please contact us to chat about how we would list your home safely and achieve a positive outcome for you. And, if you’re thinking of buying, don’t let COVID stop you!
Note: There are COVID-19 health and safety protocols in place that real-estate agents and sellers/potential buyers must follow. Although this may seem daunting, they are very doable and they are there to ensure the health and safety of all. In many respects, the adjustments made due to these protocols have made the buying and selling process more efficient. And remember, we’re here to guide you through the process from start to finish!