What an interesting time to be alive as a human being, and certainly in the real estate industry there's no exception to that. At the very beginning of this health crisis, back in March we real estate agents were deemed by the government to be an essential service. This meant that we were expected to continue to work for our clients who needed to sell, or needed to buy. We at Royal LePage made the decision right away, that what we were going to shut down our office to the public and have our real estate agents continue to work from their virtual offices at home.
At The Fenton Team we have always been an online marketing team, and we've always been on the cutting edge of technology, so it didn't really limit us too much. However, most buyers wanted to stay home and most sellers didn't really want people walking through their homes, so it certainly affected the market.
We are cautiously excited to announce that on Tuesday of next week we are reopening our office in the Alberni Valley. We have been working very hard for the last few weeks putting together the zppropriate, and smart, safety measures to keep everybody safe. For the public who is going to come into our office, that's going to mean social distancing and improved cleanliness practices.
With all that said, in the last couple of weeks we have seen a significant increase in activity in the market. We are seeing a lot more showings on our listings and we're seeing offers in a way that we weren't in the beginning of this health crisis. Let me give you a really solid example: The last three listings that The Fenton Team has taken all now have accepted offers, and wo of those even have backup offers! It's that's pretty incredible if you think about it, there's still activity out there for great listings that are priced correctly for today's market.
Now let's take a look at the stats for single family homes in the greater Alberni Valley (Port Alberni, Sproat Lake, Beaver Creek, and Cherry Creek) between March 16, 2020 and May 16, 2020:
|Avg. List Price||351594||379961|
|Avg. Sale Price||342608||368147|
|% of List Price||97.4%||96.9%|
|Days on Market||41||37|
If you’re interested to hear where I expect the market to go from here, and what I expect for the rest of 2020 please be sure to watch the video above.
Thanks for reading. If you have any questions please leave them in the comments or give me a call at 250.723.8786.