by Chris Meeds
on Wednesday, April 8th, 2020 at 2:25pm.
As I woke up this morning and perused the headlines and the 10 day weather forecast I was left feeling optimistic. Not only will we see some sunshine over the course of the next 10 days, it seems there may be a ray of optimism in regards to this global pandemic. It seems as though some of the restrictive measures put in place over recent weeks by government may be starting to flatten the curve in some places. We are all doing our best to stay positive while self-quarantining and practicing proper social distancing and for many it has been tough. Keep it up! We are still likely in it for the long haul but we are making an impact.
The statistics package came out for March from the Fraser Valley Real Estate Board last week. The first half of the month was starting out very strong. Over the first 7 days of March sales were up over %60 compared to last year! The market slowed considerably as restrictions were put in place but we still ended up with %18 more transactions this year compared to last for the month. Buying and/or selling is certainly more of a challenge right now but not impossible for those who need to. Surprisingly although sales continue to slow as we get into April now we are not seeing prices follow suit at this point. Prices are remaining fairly static due to the fact that we are seeing very few new listings hit the market. We were already seeing a fairly low inventory of homes on the market as we hit March and now the inventory is becoming even more sparse.
With interest rates at historic lows and such a low inventory of homes on the market we could see a very busy market when the restrictions ease up. It's going to be very interesting to see what happens when all of the buyers and sellers that are currently on the sidelines are released into the market when this global pandemic runs it's course. In the mean time we pray for the safety and health of all of you out there!
Finally we wanted to give a HUGE shout out to all of the teachers out there. We are one week into home schooling our two little ones and are already firmly convinced that you teachers deserve a massive raise.
We love our kids but come on.... How on earth do you do this with 20-30 kids for 6 hours a day 5 days a week?!?! Maybe that's why we sell houses!