March 2019 vs 2020
We have entered strange times. The unprecedented conditions our society has to accommodate for has been a challenge for all of us, no one goes untouched. We are all in this together...including in the Real Estate Market. March real estate still reflected the momentum that January and February brought with it, the confusion and changes to our everyday lives had not set in yet. We did see a slight adjustment month over month, and I expect we will see a more significant one over April. Let's look at the numbers for March 2019 vs 2020. These numbers are the overall median sale prices for the area.....
Guelph 2019 -- $497,500 2020 -- $569,000
Fergus 2019 -- $495,000 2020 -- $534,300
Elora 2019 -- $645,000 2020 -- $628,000
Kitchener 2019 -- $457,000 2020 -- $525,000
Waterloo 2019 -- $485,000 2020 -- $615,000
Cambridge 2019 -- $484,900 2020 -- $529,900
Even during a pandemic Real Estate is always a year over year long term investment, we should keep our eyes on the long term investment that real estate is. We are going to see dips we are going to see longer days on market, and when this all blows over I believe we will see a short window of correction on the momentum that early 2020 brought us, then it won't be business as usual, but our new norm, that will come with adjustments made in the current environment. Interesting times ahead friends. I am always open to a chat about the market or your own personal needs. Stay healthy friends.