COVID-19 and the Village by the Arboretum

Tyson HinschbergerAdvice, Planet Realty, Real Estate News, Retirement, Seasonal

About the beginning of each May, the Arboretum sees the cherry blossoms in bloom, many activities underway, and the real estate market in full swing. This year, though, is more than a little different.

With the Village Centre temporarily closed to slow the spread of COVID-19, the Arboretum is a much quieter place than normal. Though ever tranquil, it is different without the sight of friendly neighbours and the daily buzz around the community centre.

The Arboretum traditionally sees its busiest season for real estate run from March to May, but this spring has seen fewer homes hit the market- though maybe not as few as you might expect. March and April combined to see 5 sales in the Village, down from 7 in the same period in 2019. It’s reasonable to assume COVID-19 likely contributed to the change, as the homes that did sell were mostly vacant, but sales in the first two months of the year may have contributed to the lower count as well. 7 homes were sold between January & February of 2020, which is above the historical average for the first two months of the year.

With much speculation as to the impact of the pandemic on real estate prices, we continue to monitor the values in the Village. Trends in the Village by the Arboretum are slower to present themselves due to the small sample of sales relative to the greater overall market. However, house sales in March & April averaged $611,980, consistent with the $615,650 seen in January and February. This is up from an average sale price of $582,102 in March & April 2019.

The process of selling homes has changed significantly- with fewer in person showings, more data & details shared in advance, and a shift towards electronic processes where possible. Buyers and sellers have been wonderfully adaptable to these changes & we’ve been glad to work with everyone to find a solution that suits them.

If the Village by the Arboretum is an option for you, be sure to connect with Karen Kessel or I. We’ll help you navigate the timing and process of buying in this uncertain time. There’s no boilerplate solution these days, but our community-specific expertise is on your side, no matter the challenge.