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The spring of 2020 will undoubtedly go down in history as one of the most uniquely challenging times of our lives.
As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. Companies large and small temporarily closed their doors, driving layoffs and taking some buyers out of the market with it. Concerns about the virus as well as social distancing efforts have temporarily sidelined buyers and sellers as well.
Below you will find the March 2020 market statistics for Oakville. While reviewing these statistics, It is important to keep in mind that the impact of COVID-19 is not yet reflected entirely and we will not start seeing the effects until next month at the earliest. So, stay tuned for our next market statistics release.
New Listings decreased 18.8 percent for Single Family homes and 21.0 percent for Townhouse/Condo homes. Sales decreased 8.8 percent for Single Family homes and 15.8 percent for Townhouse/Condo homes. Inventory decreased 30.5 percent for Single Family homes and 57.2 percent for Townhouse/Condo homes.
Median Sales Price increased 3.8 percent to $1,307,500 for Single Family homes and 11.7 percent to $772,500 for Townhouse/Condo homes. Days on Market decreased 26.7 percent for Single Family homes and 34.4 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 37.2 percent for Single Family homes and 58.3 percent for Townhouse/Condo homes.
While the effects of COVID-19 vary throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities.
Our market was up 30% before we were faced with this pandemic. We anticipate sales to continue but at a reduced rate for the next few months. The industry is saying that once this is over we are going to have an incredibly robust market that we were previously experiencing and will replicate the frenzy of sales we experienced a few years ago! Our Team is preparing now.
Thank you for your continued trust in us through this evolving market.
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