How is the COVID-19 Pandemic Affecting Real Estate Prices?

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The Canadian real estate market is adjusting to tightened restrictions on doing business as properties continue to swap hands in the midst of the COVID-19 pandemic.

Much of March’s activity began in the first two weeks of the month before the State of Emergency order was put into place. In fact, we had a head start on the spring market that was heating up earlier than expected, but activity seemed to fall off as physical distancing measures took effect. 

We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market.

Ontario - Strong Increase in Sales For March 2020 As a Whole

Toronto, 5 April 2020 - Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,012 home sales through TRREB’s MLS® System in March 2020 – up by 12.3% compared to 7,132 sales reported in March 2019.

However, despite a strong increase in sales for March 2020 as a whole, there was a clear break in market activity between the pre-COVID-19 and post-COVID-19 periods. For the purposes of this release, the start of the post-COVID-19 period was the week beginning Sunday, March 15.

• The overall March sales result was clearly driven by the first two weeks of the month. There were 4,643 sales reported in the pre-COVID-19 period, accounting for 58% of total transactions and representing a 49% increase compared to the first 14 days of March 2019.

• There were 3,369 sales reported during the post-COVID-period – down by 15.9% compared to the same period in March 2019.

For March as a whole, new listings were up by three% year-over-year to 14,424. However, similar to sales, new listings dropped on a year-over-year basis during the second half of the month (beginning March 15) by 18.4%.

The MLS® Home Price Index Composite Benchmark price was up by 11.1% year-over-year in March 2020. The average selling price for March 2020 as a whole was $902,680 – up 14.5% compared to March 2019. The average selling price for sales reported between March 15 and March 31, was $862,563 – down from the first half of March 2020, but still up by 10.5% compared to the same period last year.

Ottawa -- March Residential Resales Withstand Pressure of World Crisis

Ottawa, April 3, 2020 -- Members of the Ottawa Real Estate Board sold 1,525 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,507 in March 2019, an increase of only 1.2%. March’s sales included 1,170 in the residential-property class, up 3.3% from a year ago, and 355 in the condominium-property category, a decrease of 5.1% from March 2019. The five-year average for March unit sales is 1,465.

“Our results show that the Ottawa real estate market seems to have withstood the pressure of a worldwide economic event in March, however in context with our market’s performance up to this point, we can see the underlying effect. Before the pandemic, monthly unit sales were increasing between 10-16% from 2019, while March’s sales were just on par with a year ago. This is an indicator that there has been a slowdown in the real estate market due to COVID-19.” reports Deborah Burgoyne, Ottawa Real Estate Board President.

“Much of March’s activity likely began in the first two weeks of the month before the State of Emergency order was put into place. In fact, we had a head start on the spring market that was heating up earlier than expected, but activity seemed to fall off as physical distancing measures took effect,” she adds.

“Once the Ontario State of Emergency began, our Members and Brokerages rightly began to make all adjustments necessary for the health and wellbeing of our clients and customers. We welcomed the government’s declaration of real estate as an essential service so that transactions in progress could be completed. However, it was not and is not business as usual for our Members. They are heeding government and public health authority warnings and advice and are being diligent in taking extra safety precautions. All this, while still doing their best to help their clients successfully conclude or close real estate transactions that were already in progress,” Burgoyne acknowledges.

March’s average sale price for a condominium-class property was $369,311, an increase of 27.3% from this time last year while the average sale price of a residential-class property was $559,739, an increase of 16.5% from a year ago. Year to date figures show an 18.8% and a 23.2% increase in average sale prices for residential and condominiums, respectively.*

“Our Members are evolving and adapting their business practices by leveraging the use of technology with virtual tours, live streaming, social media, and becoming more creative in their methods to facilitate the needs of their clients who may need to buy or sell right now because of their circumstances.”

“However, for those buyers and sellers who are not in that urgent position, our Members recognize the health and safety of our community is paramount. They are consulting with these clients on a case by case basis and may advise that they should delay the listing of their home or purchase. They are doing what’s best for their clients in the context of government advisories,” affirms Burgoyne.

When asked about the impact of COVID-19 on the number of new listings on the market, Burgoyne speculates, “The shortage of inventory has driven down the number of new listings for the past several years, so we cannot accurately state that the decrease in March was due to COVID-19 where we saw 1,579 new residential listings and 469 for condos. The 5-year average is 2,217 and 665, respectively. I believe that April’s number will provide a truer and more legitimate reflection of the impact of Covid-19 on our local real estate market.”

“In closing, I would like to say that we are grateful to have been granted the essential service designation and are working closely with all levels of government and our provincial and national associations to ensure that we implement the necessary steps and protocols to flatten the curve and remain the trusted advisors that the public has come to expect from the REALTOR® profession.”

In addition to residential and condominium sales, OREB Members assisted clients with renting 746 properties since the beginning of the year compared to 550 at this time last year.

Britsh Colombia - Home Buyers and Sellers Adjust Their Activities in March Amid Challenging Circumstances.

VANCOUVER, April 2, 2020 – Metro Vancouver’s* housing market saw steady home buyer demand to begin March and a levelling off of activity as the month went on and concerns about the COVID-19 outbreak intensified. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,524 in March 2020, a 46.1% increase from the 1,727 sales recorded in March 2019, and a 17.4% increase from the 2,150 homes sold in February 2020. 

Last month’s sales were 19.9% below the 10-year March sales average. 

"The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common. Like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew." Said Ashley Smith, REBGV president.

Daily residential sales on the region’s MLS® were 138 on average in the first ten business days of the month. In the final ten business days of the month, the daily average declined to 93 sales. 

“Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market,” Smith said. 

“In recent weeks, REALTORS® have been working to help and guide their clients through this uncertain period. Many people have understandably chosen to put their home buying or selling plans on hold for now. Other people have more urgent housing needs and we’re trying to work with them to address these needs in the safest and most responsible way possible.” 

There were 4,436 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2020. This represents a 10.4% decrease compared to the 4,949 homes listed in March 2019 and a 10.8% increase compared to February 2020 when 4,002 homes were listed. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,606, a 24.8% decrease compared to March 2019 (12,774) and a 4.5% increase compared to February 2020 (9,195).

“Realtors were named among the province’s list of essential services last week,” Smith said. “This means that we have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements from our health officials and government agencies.” 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,033,700. This represents a 2.1% increase over March 2019, and a 1.3% increase compared to February 2020. 

Sales of detached homes in March 2020 reached 852, a 61.1% increase from the 529 detached sales recorded in March 2019. The benchmark price for detached properties is $1,450,700. This represents a 0.7% increase from March 2019, and a 1.2% increase compared to February 2020. 

Sales of apartment homes reached 1,179 in March 2020, a 35.1% increase compared to the 873 sales in March 2019. The benchmark price of an apartment property is $687,000. This represents a 2.9% increase from March 2019, and a 1.4% increase compared to February 2020.

Attached home sales in March 2020 totalled 493, a 51.7% increase compared to the 325 sales in March 2019. The benchmark price of an attached unit is $791,800. This represents a 2.5% increase from March 2019, and a 0.9% increase compared to February 2020.

Alberta -- COVID-19 Weighing on Housing Market

Edmonton, April 2, 2020 -- Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for March 2020 decreased 2.59% compared to March 2019 and increased 10.31% from February 2020. The number of new residential listings is down year over year, decreasing 14.01% from March 2019. New residential listings are up month over month, increasing 7.72% from February 2020. Overall inventory in the Edmonton CMA fell 12.66% from March of last year but increased 5.75% from February 2020.

For the month of March, single-family home unit sales are down 2.02% from March 2019 and up 13.59% from February 2020. Condo unit sales decreased by 2.04% from March 2019 and increased by 1.41% from February 2020.

All residential average prices are down to $343,951, a 3.78% decrease from March 2019, and down 1.97% from February 2020. Single-family homes sold for an average of $404,344, a 4.64% year-over-year decrease from March 2019, and a 5.13% decrease from February 2020. Condominiums sold for an average of $218,613, a 2.50% increase year-over-year, and prices are up 2.87% compared to February 2020. Duplex prices dropped 6.28% from March 2019, selling at $313,443, which was a 2.62% decrease from February 2020.

“The Edmonton market prices have declined in March and we saw a slight decrease in year-over-year unit sales,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “Of course, with the outbreak of a global pandemic and a hard hit to Alberta’s oil and gas sector, this type of market slowing is not surprising. There have been fewer sales of single-family homes, condos and duplexes than in March of last year. Single-family home pricing decreased 4.64%, duplexes are down 6.28%, and condos are up 2.50% year-over-year.”

Single-family homes averaged 54 days on the market, a six-day decrease from last year. Condos saw an eleven-day decrease at 66 days on the market while duplexes averaged 68 days on market, a three-day increase compared to March 2019. Overall, all residential listings averaged 60 days on market, a 9.09% decrease year-over-year, and decreased by fourteen days compared to the previous month.

Home Sales in March Came in Like a Lion Went out Like a Lamb

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KITCHENER-WATERLOO, ON (April 3, 2020) ––There were 577 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in March, an increase of 13.1 per cent compared to the same month last year, and 0.2 per cent below the previous 5-year average.

“We had a very strong start to the month which carried through right up until the province declared its COVID-19 related state of emergency on March 17^th,” says Colleen Koehler, President of KWAR. “Before the pandemic hit our region, I believe we were on pace to set a record number of sales for March with the continuance of high demand, low inventory, and a strong seller’s market.     

During the first quarter of 2020, there were 1,327 home sales, 14.6 per cent above last year’s result for the same period and 4 per cent above the previous 5-year average.

Total residential sales in March included 348 detached homes (up 7.1 per cent), and 68 condominium apartments (up 5.1 per cent). Sales also included 136 townhouses (up 17.2 per cent) and 25 semi-detached homes (up 4.2 per cent).   

The average sale price of all residential properties sold in March increased 15.3 per cent to $583,752 compared to the same month last year, while detached homes sold for an average price of $679,728 an increase of 15.9 per cent. During this same period, the average sale price for an apartment-style condominium was $378,443 for an increase of 17.9 per cent. Townhomes and semis sold for an average of $457,547 (up 23 per cent) and $492,752 (up 17.4 per cent) respectively.

The median price of all residential properties sold in March increased 14.6 per cent to $544,500 and the median price of a detached home during the same period increased 16.2 per cent to $628,500.

“Of course, what is on everyone’s mind is the Coronavirus, and how this global pandemic is impacting every facet of our lives. The Ontario government included real estate services, legal and land registry as an essential service, but by no means is this business as usual for Realtors or their clients,” says Koehler. “As people everywhere follow instructions to only leave their homes for essential reasons, this is impacting the number of showings, and how properties are shown. Not everyone is in the position to postpone the purchase or sale of their home, and Realtors are adapting the technology we already use to serve our clients in this new environment and rigidly following Health Canada’s guidelines.”

REALTORS® listed a higher than average number of homes during the Month of March. There were 864 new listings added to the MLS® System in KW and area last month, an increase of 7.6 per cent compared to March of 2019, and the greatest number since 2015. The number of new residential listings was also 3.7 per cent higher than the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 535, a decrease of 35.9 per cent compared to March of last year.

Despite the much-needed addition of new inventory coming to the market, the number of Months Supply (also known as absorption rate) continues to be very low at just 1.1 months for the month of March, 35.3 per cent below the same period last year. The previous ten-year average supply of homes for March was 2.73 months, and in the past 5 years, the average supply for March was 1.94 months.

KWAR’s president wishes to emphasize that while real estate continues to be an essential service in Ontario, consumers can expect that a REALTOR® will be taking all the necessary protections to ensure we’re doing our part to flatten the curve.

Koehler notes last month 51 listings were suspended on KWAR’s MLS® System, which means the listing is temporarily “off-market,” and there can be no marketing showings or offers during this period. KWAR’s president encourages buyers and sellers to discuss the current situation with their REALTOR®, to find out what they are doing to ensure the safety of everyone involved in the transaction and to make the best and safest decision on how to move forward or hold your real estate decisions during this unprecedented time.

Trying to sell your home while in quarantine, self-isolating or worse yet, while someone in the house is sick, is not going to be in anyone’s best interest. We know many people are postponing their plans to list their home for the time being.

The average days to sell in March was 15 days, compared to 21 days in March 2019.  

Historical Sales By Property Type  

Months Supply of Homes for Sale 

Historical Median Sales Price – By Property Type 

Historical Average Sales Price – By Property Type 

Historical Sales – By Price Range 

Average Days on Market

Things to Look for When Viewing a Home

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When buying a home it is easy to fall in love with a home's appearance, but it is very important to look beyond the window dressing. By playing detective yourself, you can carefully inspect each house you view and eliminate those with too many defects.

 
Here are some things to consider when looking at a home:
 
1. First impressionFirst appearances do count. Is the home dirty and cluttered? Are the lawns uncut? Are the walls chipped and in need of paint? If the owner hasn't bothered to keep the house looking clean and attractive, what problems are lurking below the surface?
 
2. Kitchens and bathroomsKitchens and bathrooms are the most expensive rooms in the house to renovate so pay close attention to the age and quality of cupboards, benches, plumbing fittings and tiling. Turn the taps on in the kitchen, bathroom, and laundry to check the water pressure, performance and drainage. Check for dirty water. You might like to leave the tap running for a minute and it can't hurt to drink the water for a taste test.
 
3. Rooms and furnishingsIf you are not planning to replace all of your furniture, make sure it will fit into the rooms of the new house. Bring a measuring tape as rooms can be deceptive. Are there any rooms unusually shaped that might be difficult to furnish?
 
4. Doors and windowsCheck that doors and windows fit snugly and operate smoothly. Look for flaked paint and loose caulking. Check for drafts. Do windows open and slide easily? Do they have cracked paint? This could be a sign of rot. Press your finger into the wood. If it's soft, it is rotten.
 
5. FloorsFloors should be smooth, even, and solid. Soft springy sections, excessive squeaking, and unevenness are all indications that expensive repairs may be needed. If you intend on renovating, check to see if there are floorboards under old carpets and their condition.
 
6. Storage spaceCheck the size of the closets, the attic, the basement, and the garage.  Make sure the new house has enough storage space for all your belongings.
 
7. BasementUse all of your senses. Sight, smell, and touch. Does the basement smell musty? If the basement is finished, are the walls and floor covering dry? Look for cracks in the walls and floors. Look for any large cracks and look for water leakage or stains from past flooding.
 
8. Water leaksWater can do a lot of damage to a home. It rots wood, undermines foundations, and leads to mold and mildew. It takes an expert eye to find most water leaks. If you spot stains, bulges and other signs of water damage on ceilings or walls, make a special note that there could be a problem.
 
9. Appliances and fixturesTest the lights, faucets, toilets, furnace, air conditioning, and all major appliances that will be included with the home. Make sure everything is in good working order.
 
10. The outside of the houseWalk around the house and yard looking for areas where water might collect. Soggy areas near the foundation indicate poor drainage. Look at the condition of the roof and external walls. Are there any shingles/tiles missing or deep cracks in the walls or foundation? These can be very expensive to fix and is usually not covered by house insurance.
 
11. ServicesMake sure that all the services you need, such as power, water, phone, and gas, are available and in working order. There should be at least two power circuits and one light circuit. Safety switches are compulsory in houses built after 1992. If you find exposed wiring in easy reach that is not protected by conduit, it could be a sign of illegal wiring and should be looked into.
 
12. InspectionOnce you narrow your search down, you should hire a certified Home Inspector to perform a Professional Home Inspection.  Inspectors can spot problems that the average person would never find and they can usually advise you on how much it will cost to make the repairs. A home inspection can help you determine whether or not you are going to make an offer on a house, and if you decide to go ahead, just how much that offer is going to be.

Creating a Home Office

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With so many people working from home these days, a home office has become an essential space in many homes. It's a growing trend where many Canadians are now choosing to work from home. A home office provides flexibility and saves time where people don't need to go on long commutes. A truly productive home office requires more than a phone, fax, and computer. It is important to keep in mind your specific needs and remember, your space not only needs to be functional, but it also needs to be aesthetically pleasing. So, whether you're contemplating making the move or just want a handy place to work in your house, it's time to create a comfortable office space that's right for you.

Define Your Space
If you're lucky to have a separate room for your home office, this will be ideal and the task won't be so hard. A guest room or underused bedroom can serve the purpose. If not, make use of whatever space you have, whether it's a stair landing, a small closet, or an unused corner of the living room. It is important that this space is defined as yours and not shared with others in your household. You will be more efficient if you find a space that can be dedicated to a home office area.

Designing a Layout
Calling in a professional to help you design your space is a good idea. If that isn't an option for you, then do your homework. Although, it might be tempting to just move furniture and accessories around until space works, if you spend some time measuring your space, creating a floor plan, measuring your furniture, and thinking it through, the final result will be more satisfactory. Most people require two different work stations: one for administrative duties, such as billing, faxing, phone calls and computer work; and another that is project related, such as a meeting, or drafting. Remember to dedicate space for both stations.

Decor
Whatever work you can do yourself will save you money. Fill your work environment with a personality to spark creativity and prevent you from feeling isolated. Consider painting the walls yourself. Adding a fresh, lively colour or a sedate, calming colour will set the tone for your workspace. Surround yourself with objects you love. Since you will be spending lots of time in your office, remember to make it an enjoyable place to be in.

Furniture
Can you move furniture or accessories from one part of the house to your new home office? You'll save money if you don't have to purchase new items. Is there a comfortable chair in the guest room? Do you have some pictures or artwork tucked away in a closet that would be inspiring and decorative on the walls? Look around to see what you can use in your new home office. If you will be purchasing new furniture, look beyond furniture designed specifically for offices. Try to artfully blend home and work to create a calm and peaceful space.

There are many ways to create a good space for working at home without spending lots of money. Home offices can be created in a variety of spaces, from a guest bedroom to a large closet to a corner of your kitchen. These ideas can help you start on your project. You will feel a great sense of accomplishment after turning some wasted and unused space into an efficient home office.

Tax Credits For Homeowners

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Many taxpayers overpay their taxes simply because they fail to claim some of the common deductions and credits they are entitled to. As a homeowner, there are several home tax deductions and credits that you can claim.

Before you submit your next return, check the following list. It represents the most frequently overlooked tax breaks available to typical working Canadians.

First-time home buyer’s tax creditIf you are buying a home for the first time, you can claim a non-refundable tax credit of up to $750. This new non-refundable tax credit is based on a percentage of $5,000. You or your spouse or common-law partner can claim the home buyer’s tax credit.

GST/HST tax rebate (new housing rebate)If you buy a new home as your principal residence, and if it’s less than $450,000, you may be able to claim the GST/HST new housing rebate too. Ontario and B.C. residents may also claim the provincial portion of the HST if they buy, build or do a major renovation on their principal residence. Other home tax deductions exist for homes that are built by the owner as well as for residential rental properties.

Home Buyer’s Plan The Home Buyer’s Plan allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSP) to help with the purchase or construction of a home. Certain conditions apply. Submit a request by completing the T1036 tax form that is available.

Medical expenses tax credit Persons with mobility impairments can claim renovation expenses to make their home more accessible under medical expenses deductions in Canada. The government provides an extensive list of eligible medical expenses as well as medical expenses that you cannot claim. 

Moving expenses If you move within Canada, your moving expenses might be an allowable tax-deductible. You must be employed, and your new location must be at least 40 kilometers closer to your place of work. Starting a business would qualify, as would moving away from home to take your first job. If the deductions are greater than earned income, they can be carried forward for one year to realize the full tax benefit.

Expenses that can be claimed include hiring movers or renting a van to move, breaking a lease, furniture storage, meals and lodging for you and your family while traveling and legal fees and real estate commissions if you have to sell your home.

Work from home expenses If you are using your house as part of your business — a home office for example — you can claim a deduction for that part of the home that is used to conduct business activities. If you are a homeowner you can claim a portion of your mortgage interest, property taxes, and capital cost allowance. If you are a renter you can claim a portion of your monthly rent. You can include in your deduction a share of the utilities, insurance or home maintenance allotted to the area of the house set aside for business use. For each of these expenses, you can claim a percentage equal to the percentage of your home that is reserved for business.

You can’t use these items to create a loss that could be deducted against other sources of income, however. Of course, any expenses solely related to the business, such as supplies, travel, and client entertainment, are fully deductible. CRA forms T2124 and T2032 contain a guide entitled “Calculation of Business-Use-of-Home Expenses” that will help you calculate your allowable claim.

Rental income If you rent a property you own or that you have use of, use the T776 tax form to report the rental income and claim allowable expenses such as advertising, insurance and interest on the money you borrow to buy or improve the property.

Child care tax credit In most cases, child care expenses for an eligible child must be claimed by the parent with the lower net income for tax purposes.  If parents are separated and share custody, each parent may usually claim a portion of the child care costs.  Where a medical doctor certifies in writing that the lower-income spouse is incapable of caring for the child due to physical or mental infirmity, the costs may be claimed by the higher income spouse.

Eligible child care expenses include day-care centers and day nursery schools, some individuals providing child care services, day camps and day sports schools, educational institutions such as private schools (the portion of tuition costs relating to child care services), boarding schools, and overnight sports schools and camps.

Provincial credits Manitoba homeowners benefit from two other home tax credits: the Education Property tax credit and the School Tax Credit for homeowners. In Ontario, homeowners can apply for the Ontario property tax credit and the Senior Homeowner’s Property tax credit.  For more information, please consult the CRA website

Strong Home Sales in February in Kitchener-Waterloo - Apartment Style Condos Post Biggest Average Increase in Price

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There were 467 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in February, an increase of 36.5 per cent compared to the same month last year, and 15.3 per cent above the previous 10-year average.

“After a few consecutive months of sluggish home sales, home buying activity in February was much stronger,” says Colleen Koehler, President of KWAR.   

Total residential sales in February included 272 detached homes (up 52 per cent), and 62 condominium units (up 14.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 33.3 per cent) and 101 freehold townhouses (up 18.8 per cent).

   

The average sale price of all residential properties sold in February increased 16.3 per cent to $571,023 compared to the same month last year, while detached homes sold for an average price of $673,825 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $371,923 for an increase of 16.4 per cent. Townhomes and semis sold for an average of $443,382 (up 12.9 per cent) and $485,831 (up 8.4 per cent) respectively.

The median price of all residential properties sold in February increased 18.2 per cent to $550,050 and the median price of a detached home during the same period increased 18.6 per cent to $630,000.

“Like many other markets across the province, the story of our local housing market continues to be one of supply and demand,” says Koehler. “Market-wide, the number of homes available for sale is simply not keeping up with the number of people wanting to purchase a home in the Kitchener-Waterloo area.”

REALTORS® listed 609 residential properties in KW and area last month, an increase of 7.8 per cent compared to February of 2019, and a decrease of 5.9 per cent in comparison to the previous ten-year average for February. The total number of homes available for sale in active status at the end of February was 447, a decrease of 39.4 per cent compared to February of last year, and 62 per cent below the previous ten-year average of 1,179 listings for February. The number of Months Supply (also known as absorption rate) in February was just 0.9 months, 40 per cent below the same period last year. The previous ten-year average supply of homes for February was 2.55 months, and in the past 5 years the average supply for February was 1.76 months.

KWAR’s president points out that now more than ever sellers should avail themselves of a REALTOR®. “With a multitude of buyers jumping on a scarcity of properties for sale, many homes are selling for more than the asking price.  A REALTOR® will ensure you have maximum exposure to these buyers through the MLS® System and will manage the intricate process of any multiple offers professionally.”

The average days to sell in February was 17 days, compared to 26 days in February 2019.  

Historical Sales By Property Type  

Months Supply of Homes for Sale 

Historical Median Sales Price – By Property Type 

Historical Average Sales Price – By Property Type 

Historical Sales – By Price Range 

Average Days on Market