A quick look at the first quarter of the 2020 Rural Home Real Estate Market. This update covers the months of January to March, 2020.
In January, we finished up our 2019 Annual Rural Home Market Report (which you can read or download here). This report gives readers real estate market information specifically on rural homes and country properties around the Greater Golden Horseshoe area.
Below is a brief snapshot of the 2020 rural real estate market. Covering the Greater Golden Horseshoe.
2020 started off with a bang! The real estate market in all aspects of residential real estate was hot. We remained in a market heavily slanted towards sellers. Pent up demand and low inventory had home buyers feeling the pressure and competition between buyers was ramping up again.
This demand was evident in the overall increase in average sales prices across most major home markets around the GTA. The rural real estate market saw these increases as well.
Below are the average sales prices and the number of sold listings, comparing the first quarter or 2019 to the first quarter of this year (2020).
It is important to note that the averages listed in the tables below are based solely on RURAL and COUNTRY properties of 0.5 to 100+ Acres sold in the Greater Golden Horsehoe between January and March of 2020.
2020 Average Sales Prices & Sold Listings
|AVERAGE SALES PRICE||$966,382||$937,990||$886,845|
|# OF SOLD LISTINGS||115||223||272|
2019 Average Sales Prices & Sold Listings
|AVERAGE SALES PRICE||$859,034||$893,186||$842,936|
|# OF SOLD LISTINGS||83||134||170|
Both years saw a steady rise in the number of listings sold through from January to March. This is not uncommon. We often see as the weather warms up and we head in to spring, the real estate market is more active with listings and the number of buyers out and about searching for homes.
Despite continued low inventory as we moved into 2020, the average number of actual rural homes sold during these months was higher than in 2019. And this increase in the number of sales did not appear to be a result of lower-priced inventory. In fact, we saw an overall average sale prices increase of about 7.5% across these three months when we compared the two years.
Now, we are all aware that the stay at home order and the overall economic impact of COVID-19 is going to have, we hope, a temporary impact on the real estate market. How could it not?
We will be keeping a close eye on the rural home market over the second quarter of 2020 and will keep you updated on this through our monthly newsletter.
Don’t forget to check out our 2019 Rural Market Home Repot for here.