April was the second slow month in a row for home sales during the COVID-19 pandemic according to the Realtors Association of Hamilton-Burlington (RAHB).
RAHB released its monthly numbers for April and posted a 63 per cent dip in sales compared to the previous year as well as sales being down 56 per cent from February.
— RAHBNews (@RAHBNews) May 4, 2020
There were 480 residential Hamilton and Burlington properties sold last month compared to about 830 sold in March. The sales of single-family homes also decreased by 60 per cent compared to April 2019. Apartment sales decreased about 70 per cent.
The slump in sales is attributed to the precautions that sellers and realtors are taking in preventing the spread of the coronavirus.
Average house prices hovered at around $615,000 in April, which was an increase from last year but a 5.5 per cent decrease from March 2020. Apartment-style properties have decreased by 4 per cent.
Ontario is now on the road to reopening during the shutdown with soft timelines set out over the next few weeks. Premier Doug Ford announced that some seasonal retailers can start to open as well as some retail spaces that are offering curb side pick-up.
These are positive signs for everyone including realtors and home-sellers. Although May could see similar drops in residential home sales as March and April, realtors are hopeful that, when normalcy resumes, the thriving real estate market will as well.