April Market Report.

By
Real Estate Sales Representative with RE/MAX Kelowna

How many of you felt like April was something like 287 days long? I know I sure felt it was. There were many quips like that on Facebook recently with lots of “LOL's . At times this does seem to be endless but as Dr. Bonnie Henry says, “It’s not forever but it is for now!” Are you feeling overloaded with news and reports about Covid-19? 

Let’s talk about some of the good things happening for a change. Are you spending less money on gas? Are your pets happier? Are you reading more? How about getting some fresh air, bike riding, walks or hikes? Time with your loved ones? In “normal” times it seems we spend too much money or find it challenging to find time for enjoyable pursuits. With some optimism on the horizon, this is a good time to make the most of the extra time right now and enjoy it. Yes, there are financial challenges, but we will come out of this. Let’s do our best to enjoy what we can and remember the good parts when this is all over.

Real estate! It’s a bit like the weather. Everyone likes to talk about it and most people have an opinion. It will come as no surprise to most of you that after a strong March, April was much slower this year. Sales are certainly down but they have not halted, by any measure. There are still people who need to sell and others who need to buy. This is the reason real estate is an essential service.

The good news is, there are fewer “tire-kicker” buyers and sellers. Those that are participating in this market tend to be very serious. Interestingly, new listings usually outstrip buyers at this time of year but the opposite is true right now. With fewer listings and serious buyers stepping up, prices actually rose by over 2.0% compared to April of last year.

The month ahead should be an interesting one. If, as predicted, the Provincial Government begins to lift some of the restrictions affecting the economy and people take small steps towards greater interaction, shopping, eating out and more, we believe real estate sellers and buyers will also begin to get more active too.

For everyone’s sake, a slow and steady opening of the economy will be best, but just knowing we are on that path will give everyone a shot of optimism. We anticipate the numbers for May will be up from April. 

Comments (18)

Realtyna Inc
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Hi Steve Higgins, thanks for this update from BC and I'm glad some normalcy is creeping back into life. There are some good signs in the market these days.

Jun 10, 2020 02:28 AM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Steve Higgins we were hit from all sides in April.... May improved..... and I'll be happy to see stabilization through the summer!!

Jun 10, 2020 02:50 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Steve. Prices have held or slightly increased in many areas. Interest has slowed but not stopped. Light at the end of the tunnel. Enjoy your day.

Jun 10, 2020 05:43 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Glad to hear things are slowly opening up for you, we have seen the market go crazy once real estate was deemed essential and we could begin showing homes again.

Jun 10, 2020 06:34 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Steve, I agree, it was a whole year for the month of April being stuck at home.  Glad business is back, even with restrictions.

Jun 10, 2020 07:45 AM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Realtyna Inc ,

Thank you for stopping by and leaving a comment. Yes, it is starting pick up and hopefully it will just keep going, they are calling for a second wave of Covid-19 in July or Sept.

 

Jun 10, 2020 05:14 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Barbara Todaro ,

Thanks for leaving a comment. Our May is moving slowly but it is moving so I am happy about that. I hope you guys stabilize this summer too.

Jun 10, 2020 05:17 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Wayne Martin 

Thanks for stopping by and leaving a comment. Yes, the light at the end of the tunnel is near. I am starting to pick up. I hope you also had a good day.

Jun 10, 2020 05:19 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Nick Vandekar, 610-203-4543 

Thank you for stopping by and leaving a comment. Glad to hear your market has gone crazy. We are still opening up slowly, however our market is starting to pick up.

Jun 10, 2020 05:23 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Joan Cox 

Thank you for stopping by and leaving a comment. Isn't that the truth Joan! As my wife called it the never ending month. Happy to hear you are picking up.

Jun 10, 2020 05:25 PM
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

Sally

Jun 10, 2020 10:19 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Sally Crane 

You are welcome and thank you for stopping by and leaving a comment. Hopefully I will list many of them and sell a lot too.

Jun 11, 2020 06:20 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve, many people were scarred to death, then they were paralyzed  by all the bad stuff now they are just in overload mode:)Endre

Jun 17, 2020 12:00 AM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Endre Barath, Jr. 

Thanks for stopping by and leaving a comment. I totally agree and the news just adds to that overload, what do you believe, what don't you believe. Wear a mask, don't wear a mask, wear gloves, don't wear gloves I'm sure at some point no one knows if they are coming or going.

Jun 17, 2020 06:34 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve,, funny you should  say that, I went to my personal physician for the quarterly check up... the views were interesting.... then I went to see my optometrist and the views were totally different.... now I am looking forward to seeing my dentist to see the views:)Endre

Jun 20, 2020 11:55 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Endre,

I hope all went well with both your physician and optometrists visits and all goes well with the dentist! You will have to let me know what the dentist has to say, if he sides with one of the others or falls somewhere in the middle! lol Who's right or who's wrong, or is there any right or wrong?!

Jun 21, 2020 06:47 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Steve Higgins - the numbers are coming back which is great.  In April, we had a chance to save money and regroup.

Jun 28, 2020 06:34 AM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Grant Schneider 

Thanks for stopping by and leaving a comment. It's good to hear your numbers are coming back and you had a chance to regroup and save some money. 

Jun 28, 2020 06:24 PM