- 1 COVID-19? Where? Prices Remain Steady- Vancouver Real Estate Market Report May 2020
- 2 A Look at the Vancouver Housing Stats
- 3 Condo Neigbourhoods to Look Out For
- 4 Vancouver Houses to Keep an Eye on
- 5 Vancouver Housing Statistics That are Important to You
- 6 What Does this All Mean – Vancouver Real Estate Market Report May 2020?
- 7 Real Estate Terms You Should Know
- 8 Get in Touch with Andrew Now... Quick and Easy!
COVID-19? Where? Prices Remain Steady- Vancouver Real Estate Market Report May 2020
The Vancouver Real Estate Market Report May 2020 in Metro Vancouver, reported sales in May 2020 wer 54.4% below the 10 year May sales average. The sales-to-active listings ratio for May 2020 in Vancouver was 15.1%. By property type, Detached Homes: 13.2%, Townhouses: 18.5%, and Condos: 15.6%. Analysts suggest downward pressure on home prices occur when the ratio falls below the 12% mark for a sustained period. And an upward pressure when it remains over 20%.
Total number of properties listed for sale in May 2020 reached 9,927 on the MLS in Metro Vancouver. The MLS saw a decrease of 32.4% compared to May 2019 (14,685) and a 5.7% increase compared to April 2020 (9,389).
A Look at the Vancouver Housing Stats
Your Vancouver Real Estate Market Report May 2020 median sales price of Condos in Vancouver is at $689,000 up 5.2% from a year ago. Townhouses in Vancouver median sales price $1,127,500 up 12.8% from a year ago. Detached Homes in Vancouver median sales price is $1,975,000 up 18.8% from a year ago. Total May 2020 inventory: Vancouver Condos 1,632 down 30.3% from a year ago. Townhouses 249 down 39.6% from a year ago, and detached homes 878 down 42.0% from a year ago. The average time a Vancouver property was on the market is 46 days, up 7% from a year ago.
Home sales for Vancouver Real Estate Market Report May 2020 as reported by Colette Gerber, REBGV president.
“Home prices have been stable during the COVID-19 period,” Colette Gerber, REBGV Chair said. “While we’re seeing a variety of long-term projections for the market, it’s critical to understand the facts and trends as they emerge.”
Condo Neigbourhoods to Look Out For
Being an expert in the Vancouver Condo market, I get to see what happens daily. Utilizing tools to identify hot spots are a benefit to you with a personal understanding of the markets. I offer my opinion on the Vancouver Condo Hot Spots I feel are a great buy: Kitsilano and Mount Pleasant.
Vancouver Houses to Keep an Eye on
Select pockets on the Westside Vancouver are taking longer to sell these days, and I know that some great deals will happen here. Keep your eyes open for Hot-Spot homes in the Kitsilano and Grandview Woodland areas as sellers are competing to sell. Want a great neighbourhood and amazing schools, these areas will suit your needs completely.
Vancouver Housing Statistics That are Important to You
The Condo Market HPI* – Live Feed
The Detached Home Market HPI – Live Feed
The Townhouse Market HPI – Live Feed
Average Days on Market – All Properties
What Does this All Mean – Vancouver Real Estate Market Report May 2020?
Analyzing all this data can be confusing, and each neighbourhood is going to be different. Let me be your guide to understanding the Vancouver real estate market and your neighbourhood much better with my detailed reports. Reach out to me now to help you with your real estate needs.
What Does this Mean if you are Buying a Property in Vancouver?
In Vancouver these days, purchasing a property can be challenging with all the elements and processes. Condos and Townhouses were in the hot seat a couple years ago. Now, 2 out of every 10 condos are selling these days. Detached single family home sales have slowed down with 2 out of every 10 houses selling. All buyers are able to be more selective with the homes they want, knowing there is less competition out there. This forces sellers to have their home in tip-top condition to compete with the additional home inventory.
With having an ample supply of statistics for sold and active properties, I can best help you with an offering price that would most likely get you the property you want – on your terms and conditions. Let’s start this process today, reach out to me now to discuss your options.
What Does this Mean if you are Selling a Property in Vancouver?
Think back to 6 years ago when anything and everything that went on the market for detached single family homes, sold. The market has changed today, many home-owners are now staging their property to get its full potential value. On average, detached single family homes are selling for 95.3% of the asking price. Condos and Townhouses are selling on average 96.7% of asking price. Condos are experiencing more interest than detached single family houses due to affordability.
Realtors® have to be diligent with having proven Marketing skills and techniques to maneuver through the many facets of home selling, it’s not as easy as just putting a sign on the lawn expecting a mad rush of buyers at an open house these days. Relying on and trusting your Realtor® to get you the most amount of money is critical for you to ensure you move on to where you need to go.
It all starts with me understanding your needs. Read up on some of my client’s reviews for my performance. Want to know how my Proven Marketing Plan works, let’s meet to discuss. No two transactions are alike, and you need someone who’s on the top of their game to help you. Contact me today to start this process, Find out what your home is worth.
Real Estate Terms You Should Know
Home Price Index*?
The MLS® Home Price Index is modelled on the Consumer Price Index which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.
Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).
Not Your ‘Average’ Price
The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area.
Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.