Simcoe home housing market freezes up as society follows stay-at-home orders in April
Residential sales activity recorded through the MLS® System of the Simcoe & District Real Estate Board totaled 31 units in April 2020. This was a large decline of 62.7% from April 2019.
On a year-to-date basis, home sales totalled 174 units over the first four months of the year. This was a decrease of 17.1% from 2019.
“Home sales and listings were both put on pause in April as this historic moment in time forced governments to enact strong public health measures to limit the spread of COVID-19,” said Prue Steiner, President of the Simcoe & District Real Estate Board. “Interestingly, our average price figure hit a new record this month as two properties selling for $1.3M and $2.65M pushed the average higher. With such low sales volume, the average price can become a more volatile measure.”
The average price of homes sold in April 2020 was a record $544,554, a large increase of 46.1% from April 2019.
The more comprehensive year-to-date average price was $464,460, rising 20% from the first four months of 2019.
The dollar value of all home sales in April 2020 was $16.9 million, declining significantly by 45.4% from the same month in 2019.
There were 54 new residential listings in April 2020. This was a large decline of 56.1% on a year-over-year basis.
Active residential listings numbered 164 units at the end of April. This was a decrease of 16.3% from the end of April 2019. Although this was a decent rise in percentage terms, supply remains well below the same time from most other years on record.
Months of inventory numbered 5.3 at the end of April 2020, up from the 2.4 months recorded at the end of April 2019 but above the long-run average of 4.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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