Market Update Home sale and listing resurgence extends into October 2020

From the Real Estate Board of Greater Vancouver, Nov 03, 2020

Home sale and new listing activity remained at near record levels across Metro Vancouver in October. For the Real Estate of Greater Vancouver’s October 2020 Market Update Click here  

The Real Estate Board of Greater Vancouver reports that residential home sales in the region totaled 3,687 in October 2020.

• a 29% increase from the 2,858 sales recorded in October 2019.
• 1.2% increase from the 3,643 homes sold in September 2020.

Last month’s sales were 34.7% above the 10-year October sales average. Standing as the second-highest total on record for the month!

“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation,” Colette Gerber, REBGV Chair said. “Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.”

5,571 detached, attached and apartment homes were listed for sale on the Multiple Listing Service® in Metro Vancouver in October 2020. Representing a 36.7% increase compared to the 4,074 homes listed in October 2019 a 13% decrease compared to September 2020 when 6,402 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,416.

• a 1.5% increase compared to October 2019 (12,236)
• 5.2 % decrease compared to September 2020 (13,096).

“With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers,” Gerber said. “To understand the market conditions in your neighbourhood and property type of choice, work with your local REALTOR® to assess the latest MLS® housing market information.” Call Geoff Jarman at 604 313 7280.

The FULL REPORT Click here 

• Listing information, SELLERS PROCEDURES
• Purchasers, BUYERS PROCEDURES

Stay Safe and if you have any questions regarding October 2020 Market Update CONTACT US

Note:

Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

UNPRECEDENTED TIMES, lead to a halt in the real estate market in Greater Vancouver in the middle of March. 

March 2020 Market Update & COVID-19 from the Real Estate Board of Greater Vancouver detailed report CLICK HERE

Real estate sales for the beginning of March 2020 were brisker than in the past couple years, with some properties going into multiple bids. Before Covid-19, the low end market to the mid range market was starting to take off. Sales for January, February and the first two weeks of March showed the market gaining momentum in the low to mid priced homes. It certainly looked poised for an excellent spring Real Estate market. When the Government declared a state of emergency the market came to a screeching halt. Home showings and sales slowed completely down. This was due in part to the lack of knowledge that Realtor® services were to be classified as an essential non-health service. Now Realtors are proceeding cautiously, working within the health guidelines from the Government and the Real Estate Board of Greater Vancouver.

What will the effect of COVID-19 pandemic have on our Real Estate market? We are not sure. The closest similar event that our market has gone through was the 2008 market crash, but that was very different than what we are experiencing now. I have heard a wide variety of opinions on how this will unfold. Some opinions are very optimistic because there was a pent-up demand, and many purchased at the end of Feb/ beginning of March. To we are going to move into a great depression. There is no crystal ball, but for those that can wait to sell or purchase we are encouraging it. We want our clients to be safe and right now the way to be safe is to stay home. Those who need to sell or purchase, we are carefully proceeding.

• Listing information, SELLERS PROCEDURES
• Purchasers, BUYERS PROCEDURES

Stay Safe and if you have any questions regarding March 2020 Market Update & COVID-19 market conditions CONTACT US