Year over Year at this time we have seen the benchmark price drop 1.6%. We use the benchmark pricing to gauge price changes for the purpose of getting a true change of price based on similar benchmark homes. This removes any influences of more sales in one or the other market on price to provide the true value. For example, if we have more sales in the luxury marekt, this would drive the average price up but would not change the benchmark price.
With respect to inventory, we are consistent to where we were last month. This means that we are seeing the same numbers for absorption as last week and will continue to see as we continue to isolate and respect social distancing guidelines.
Sales are down 65% on our 30 days running total year over year at this time. This is continuing the same story of the impact of the pandemic on our market.
But how are we doing moving forward?
The last slide above shows that in the home price ranges that are less than $600,000 have seen a weekly increase in showings. As a market, we are seeing more activity and that sales are starting to crawl back up.
As the we continue to have different industries and markets open up in our province we will continue to see viewings rise and recover to some degree.
if you'd like to learn more about your community or your home's value, I'm more than happy to chat and breakdown your home and what is currently worth in today's market. Feel free to send me an email at firstname.lastname@example.org and lets chat about how I can help.
Thank you, be safe.