Following Ontario’s declaration of a state of emergency on March 17, Norfolk County real estate sales entered a free fall just as the spring market was revving up.
Leading up to this point, Norfolk County sales were outnumbering the previous year by 12%.
“During the first week of April, Norfolk’s real estate sales hit bottom and have since started to rebound. Buyers, sellers and REALTORS® alike have learned to accept and adapt to these challenging circumstances which has given way to modest signs of stabilization” notes Ray Ferris, Broker of Record at Erie’s Edge Real Estate Ltd.
The small decrease observed in the number of sales during the last two weeks is a direct result of fewer listings entering the marketplace at the beginning of the state of emergency.
In mid April, the number of new listings entering the marketplace started to increase and continues to climb.
As a result of the number of new listings increasing it is likely that so will the number of sales.
“We are committed to continuing our services through this crisis for those who have to move, said Ferris. “We respect and adhere to orders from the provincial government and local public health authorities as we adjust to serve real estate consumers who rely on us.”
“We realize that it is unreasonable to except a family to make the biggest purchase in their lifetime without physically viewing the home they want to buy” noted Ferris. “However, we can limit physical interaction by focusing home search efforts on more video conference calls, greater emphasis on high resolution photos, virtual tours, and colour floor plans.”
Statistics as reported on the Ontario Regional Technology Information System for Norfolk County as of April 20, 2020 for both listing and sold data of single family residential homes within the time frames indicated on the charts provided.