Local real estate sales are starting to climb following a free fall after Ontario declared a state of emergency in the face of COVID-19.
Leading up to the province’s state of emergency announcement, Norfolk County sales were outnumbering the previous year by 12%.
The number of new sales hit a low of only 3 sales during the week of March 30 to April 5 which was a 667% drop in comparison to the year prior.
Since hitting rock bottom in late April and early May sales have slowly improved with the most significant gains made over the course of the last two weeks.
“Buyers, sellers and REALTORS® alike have learned to accept and adapt to these challenging circumstances which has given way to modest signs of stabilization,” noted Ray Ferris, Broker of Record at Erie’s Edge Real Estate Ltd.
There are further signs of optimism in the local real estate market.
“There aren’t enough new listings coming on the market to keep up with current demand. As the number of sales are increasing, not enough properties are being offered for sale to replenish inventory,” observed Ferris. “Over the last two weeks, new listings are down 55% compared to last year. As a result, we’re experiencing bidding wars more often than not.”