REAL ESTATE MARKET UPDATE – MAY 2020
Dated: June 10 2020
Stable Prices Under COVID-19 Measures
The Real Estate Board of Greater Vancouver announced the May 2020 Real Estate Market report. According to the report, the overall house prices had 1.4% INCREASE over last month, April 2020.
Although the overall house sales showed a DECREASE of 43% compared to last year (May 2019), there was a total of 1,485 unit sales, which is a 34% INCREASE from last month(April 2020).
These figures show that even under the COVID-19 measures, the market kept the price momentum. Also after the total shutdown in April, May showed a quick increase in the number of unit sales, which reflects that the market has adapted well to the new social distancing measures that exist in the market.
The newly listed homes reached 3648 units, with a 59% increase over April 2020. Now, the total number of listed homes reached 9927, with a 5.7% increase over April 2020
Sales to Active Listing Ratio
Generally, it is assumed that ratios below 12% over a period may cause decreasing prices, where the ratio over 20% for several months may result in increasing prices. As seen in the above chart, the sales to listings ratio is currently at 15%, which shows a stable price trend for Greater Vancouver.
Sales and Prices by Property Type
The prices in all three categories(detached homes, townhomes and condos) were stable, with less than 1% increase or decrease from last month’s prices. This shows that regardless of the property type, the market is keeping its momentum and the properties keepers their value, despite the slow sales.
The house prices on the city level, however, shows a variety of increases and decreases. for more details, please check the city based detailed price, listing and sales records, in our below graphics.
Market and Jovi Realty Services
The government of BC has announced the “BC’s Restart Plan” on May 6th, which advise a controlled opening of the economy. Again, the BC Government has listed the real estate among the ESSENTIAL services, which means that we will continue to offer services to meet the housing and shelter needs of the community.
JOVI offices are open and operational during this period. we have a controlled activity in our offices with a list of precautions being exercised. We will continue to keep the safety of our agents and clients as a priority and will continue our quality of services.
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Jennifer & Mike
Jennifer Lin epitomizes integrity, passionate, thoughtful, and creative service in every detail of your real estate transaction. Jennifer grew up in the service-oriented family business, such as Retai....
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