Vancouver Real Estate Market Update – May 2020
Dear Reader,
May 2020 statistics have been released. This was the last full month of isolation since mid-March. As more and more residents are getting comfortable with the new climate, selling rate in Metro Vancouver increased from 12% in April to 15% in May, still not at the Spring norm. Supply remains low, pushing the sale prices up 3% since a year ago. Despite the average, we have successfully obtained several homes on behalf of our clients at below market value over the last month.
If you are looking to sell in the short term, you need to do so as soon as possible to take advantage of the market, and having the right representation is key! Call us at 604-374-5534 to discuss your needs and we can set up a plan to protect your equity. We are equipped with all cutting edge technology to market, sell, and close your home sale while minimizing any health and financial risks.
Are you or anyone you know thinking of Selling, Buying, or Both this year? Please reply to this email or call/text Alex at 604-374-5534 for a brief conversation to discuss options. Knowledge is value.
According to the Real Estate Board:
Metro Vancouver* home prices have remained steady since provincial health officials implemented physical distancing requirements in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last three months, and a 2.9 per cent increase compared to May 2019.
“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.”
Residential home sales in the region totalled 1,485 in May 2020, a 43.7 per cent decrease from the 2,638 sales recorded in May 2019 and a 33.9 per cent increase from the 1,109 homes sold in April 2020.
Last month’s sales were 54.4 per cent below the 10-year May sales average.
“Home sale and listing activity is down compared to typical, long term levels and up compared to the activity we saw in April 2020,” Gerber said. “Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market.”
Alex’s Inner Circle Intel
If you are considering a move, it’s a great time to do so. However how you do financially to minimize the delta when upsizing, or maximize delta when downsizing is greatly affected by your strategy and representation. If you are just looking to buy, there are numerous great deals on the market now. If none of them are what you like due to low supply, you have time to wait and see what else comes on market. If you are just looking to sell to get out of the market, whether it’s due to finances or relocation, do so ASAP and take advantage of the low supply (less competition).
As usual, we are here to provide some detailed relevant information segmenting different markets, to make it more applicable to your situation.
At the bottom of this email, you will find a copy of the Snap Stats, which is one of the tools we utilize to provide value to our clients. Please do feel free to call Alex at 604-374-5534 to discuss in more detail with regards to your specific areas.
In the Snap Stats attached below, you will find the activity of the different price ranges per area. As a rule of thumb, sales ratio under 12% represents a downward pressure (Buyers’ market). Sales ratio between 12% to 20% represents a balanced market. Sales ratio above 20% represents an upward pressure (Sellers’ market).
If you know anyone that is in need of anything related to Vancouver Real Estate, we are always grateful for your kind referrals. We will take great care of them and keep you posted on the progress along the way to ensure you know they are in great hands.
WHAT DOES THIS MEAN TO YOU?
Sellers – If you are looking to sell in the next few months, speed up the process. Call us NOW. Your window is starting to close. We don’t know how long this will last. We are still selling at or above market value, but you need to know how. If you’re priced right and the marketing is on point, it will sell. If any little detail is off, it may sit on the market. If you are looking to sell, please call Alex at 604-374-5534. You want the LOCAL EXPERT on your side!
Buyers – If you are looking to purchase a property, get pre-approved by your financial institution, and start looking seriously. You’ll have time, but you have to BE PREPARED. Always be equipped with a comparative analysis of the subject property before you make an offer. If you are looking to buy, please call Alex at 604-374-5534. We would be privileged to assist you with expert guidance.
DETAILS MATTER
Details matter in this market. You have to go in with your eyes wide open. If you need any guidance or assistance, please do reach out and call Alex at 604-374-5534, or simply reply to this email. I look forward to helping you and/or your family and friends with all your Real Estate needs.