The Central Alberta average home price dropped in April due to the COVID-19 crisis. We first noticed a dip in price in March but its impact on home prices in April is really noticeable.
We expected the home price average to dip but other than that the market’s not in terrible shape. Buying and selling slowed with the uncertainty of having to go into homes but we’ve adopted some safety protocol to help. Sellers are asked to leave lights on and doors open so buyers viewing don’t have to touch anything. In addition, Realtors also asked clients if they’d like to wear gloves and masks as an extra precaution.
In Central Alberta COVID-19 numbers have remained low due to the precautions everyone’s taking. And with virus numbers low now we’re seeing more real estate activity.
Due to the original concerns, homes that were listed were accepting low offers faced with possibly sitting for months. And that’s led to lower sale prices and a lower average sale price overall.
In past articles, I mentioned how well the market was balancing itself. There are fewer homes on the market than a normal spring market and buying’s been better than expected. And now we have a rather balanced market.
Now with some restrictions and concern lifting, we’re starting to see more sellers listing their homes. The unfortunate part of that is if we see too many homes listed it will also negatively impact the Central Alberta home price because buying won’t increase at the same rate.
The economic impact from COVID-19 will leave a lot of potential buyers in worse shape than before and without the buyer too many homes for sale will lead to a flooded market upcoming.