By Anonymous

Tuesday, April 21, 2020

It’s not hard to tell that something happened to the market when looking at the number of sales
between April 1 – 19 for 2019 and 2020. Traditionally, April is one of the best months of the year for sales volume. However, year-over-year, we experienced huge drops in sales volume – anywhere from -53.90% in Clarington to -80.61% in Pickering. To really put things in perspective, April 2019 was a down market when compared to 2018 and 2017, so April 2020 so far is not a great month for sales!

When calculating the Sales-to-New Listings Ratio’s (SNLR), which is determined by dividing the Solds by New Listings, we can really see that it’s abruptly gone from a Sellers Market to a Buyers Market within a few short weeks. A SNLR of 50% is a true balanced market. It’s still a balanced market as we drop below 50% but once we go below 40% it becomes a Buyers Market. The top end of a balanced market is a 60% SNLR and anything over 60% is a Seller’s Market. Well, for the week of April 13 – 19, 2020, we saw Pickering post a SNLR of 28%, Ajax 35.71%, Whitby 42.85%, Oshawa 37.73%, Clarington 57.69% and Uxbridge 133% (albeit on just 4 sales and 3 new listings).

For those of you that know me, I’m a glass half full guy. Therefore, all I can say to sellers is that
we’re still selling homes, although you need to be the best-priced home for your type and style of
house in your neighbourhood or very close to it. And if you’re a buyer, now is a great time to buy.

For sellers, we have to make sure anyone entering your home for a showing follows strict protocols to reduce the COVID-19 risk. For buyers, you should first check out as much as you can about the homes virtually and online before picking the best ones to see in-person.

We would like to hear from you! If you have any questions, please do not hesitate to contact us. We are always looking forward to hearing from you! We will do our best to reply to you within 24 hours !

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