Well, what a year it has been. One not easily forgotten. Our homes, more than ever, have become our places of refuge, of work, of play, of school. Values around home and family have become central to our lives and we long to gather again with our friends, family and even our colleagues.
2020 saw many of us tackle home improvements, renovations, gardening projects, organizing, purging and in many cases our houses have never been cleaner!
Our real estate market was pretty quiet after the initial lockdown in March when we would typically have been in the midst of our busiest real estate market seasonally. In April we saw new listings decline by about 54% compared to April 2019. And sales declined by 64%. However, by June we were seeing a vast improvement in both inventories and sales, which continued through the summer (although not in proportion to one another....sales outpaced new listings), and despite the dragging Spring, by the end of 2020 the annual number of sales was just about the same as in 2019.
It's important to keep in mind that different segments of our real estate market have indeed performed differently in relation to these averages above that cover all property types and areas of the City. The strongest sales activity occurred in properties priced <$500,000 and it became challenging for buyers in this budget to find a plethora of options. On the other hand, the inventory level of properties priced over $700k was much more imbalanced compared to the sales levels leaving many Sellers frustrated and some downward pressure on prices.
There is no doubt that 2020 has been full of challenges for all and Alberta has had it unfair share of economic uncertainties COVID -19 aside. Low interest rates have certainly helped us survive and in some cases have been the saving grace for buyers and homeowners alike.