Welcome to new territory! Amongst COVID-19 What is happening to real estate?
The Short, the Quick, the Easy summary
Greater Vancouver was on the precipice of a total recovery. Sales volumes have trounced previous year's monthly activity steady for 8 months. Inventory levels were low enough to put ALL property types into a 'Sellers Market' from a sales-to-active listing ratio perspective.
March stats again were really strong! However, we know things have changed. The 1st 10 days of March we averaged 138 sales/day. The last 10 days of March we averaged 97 (30% decrease).
Justifiably, Buyers and Sellers in the majority have put real estate on hold. However, there is always a % of people that must buy and some that must sell, so there will always be activity in the marketplace.
SALES
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,524 in March '20, a 46.1% increase from the 1,727 sales recorded in March '19, and a 17.4% increase from the 2,150 homes sold the previous month, February '20.
Last month’s sales were 19.9% below the 10-year March sales average.
“We'll need more time to pass to fully understand the impact that the pandemic is having on the housing market” says Ashley Smith, REBGV president said.
How does last months sales break down?
Sales of detached homes in March '20 reached 852, 52.9% increase from the 448 detached sales recorded in March '19.
Attached(townhouse) totalled 493, a 51.7% increase compared to the 325
sales in March '19. Sales increased 22% from February '20.
Sales of condos homes reached 1,179 in March '20, a 35.1% increase compared to the 873 sales in the same period last year (March '19).
INVENTORY - Properties for Sale
Last month’s new listings were 17.4% below March's 10-year average.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,606, a 24.8% decrease compared to March '19 (12,774). We saw 4.5% more properties for sale from February '20.
Prices
All property types: 1.3% increase from the same period last year. 3.9% increase over the last 6 months.
- REBGV Sourced Summary
If you are thinking of selling in 2020, reach out to me, and lets talk about COMPETITION, INVENTORY and TIMING!
Preliminary Impact of COVID-19 in the Fraser Valley hits hardest in the condo market.
In the 1st 7 business days of March, property sales in the Fraser Valley were cooking at 60% higher than the same period in 2019. Total sales by the end of March were up 18% compared to March '19, and up 7% from February '20
New real estate board president Chris Shields commented "We are grateful that the BC government has designated real estate an essential service, and accordingly, our industry has implemented numerous measures to mitigate and manage risk. A Realtor's duty is to protect our clients. Now as a society, we all have a duty."
Sales
Detached homes have seen a 25.1% increase in sales volumes compared to last March '19 and a 8.2% increase in sales from February '20.
Attached Townhouses have seen a 28.3% increase in sales compared to last year March '19 and 12.9% increase in from February '20.
Condos saw a sales decrease of 4.3% compared to March'19 and only a 5.1% increase in sales from Feb '20.
Inventory
There were 5,741 active listings available in the Fraser Valley at the end of February, a decrease of 10.4% compared to February of last year. The Board received 2,666 new listings in March, a mere 4% increase compared to February '20 intake of new listings.
Prices
Median prices increased 1.9% from February '20 to March '20. Recovery is apparent with a 7.5% increase in prices from March '20.
- FVREB sourced summary
Considering COVID - 19 What does this mean?
As a Seller - Do you want the public in your home? Leverage digital marketing efforts such as virtual tours. Accept Subject to Viewing offers.
As a Buyer - will Sellers be allowing Buyers and the public into their homes? Open houses are NOT an option. only private showings. Virtual open houses & tours are happening! Sellers & Buyer agents may require masks, gloves in order to create a safe environment for all.
Real estate has been deemed an essential service. Realtors are ready to find safe solutions to make transactions for our clients (Buyers and Sellers) happen.
Here is my recent
Blog on COVID-19 and how we can respond in the real estate sector in Vancouver
ATTENTION FUTURE SELLERS
Fraser Valley - Detached home prices are up 6.2% in February 2020 compared to same period in 2019.
Greater Vancouver - The sales-to-active-listing ratio for attached townhouses and condos are on pace for higher prices!
This tells us that detached house prices are rising in the Valley, and condos and townhouses in Greater Vancouver are poised for price appreciation!
If you are thinking of selling in 2020, reach out to me, and lets talk about COMPETITION, INVENTORY and TIMING!
