Home sales in the Greater Vancouver area continued their steep year-over-year drop last month, amid confinement measures and physical distancing requirements related to the COVID-19 pandemic.
The Real Estate Board of Greater Vancouver said Tuesday home sales totalled 1,485 in May, a nearly 44% decrease from May 2019 and 54% below the 10-year average for the month.
However, after John Horgan released his plan for B.C.’s gradual reopening, activity and interest in real estate has begun to pick up the pace and we should see a much stronger June compared to April and May.
Focusing on the Downtown Vancouver condo market in May 2020, prices haven’t changed too much but the amount of activity is once again significantly lower.
The under $900,000 market is selling at 22%, 59 out of 269 homes are selling.
The $900,000 to $1,000,000 market is selling at 13%, 7 out of 52 homes are selling.
The $1,000,000 to $1,250,000 market is selling at 15%, 11 out of 71 homes are selling.
The $1,250,000 to $2,000,000 market is selling at 8%, 11 out of 146 homes are selling.
The $2,000,000 to $2,500,000 market is selling at 11%, 3 out of 28 homes are selling.
The $2,500,000 to $5,000,000 market is selling at 4%, 3 out of 69 homes are selling.
The $5,000,000 market is selling at 3%, 1 out of 38 homes are selling.
Total unit sales in Downtown Vancouver were up 27% from last month and down 41% from May 2019.
Those who are priced correctly for this market are selling on average at a rate of 21 days up from 13 days last month.
The median price increased 1.5% from last month, and the median price is up 1% from May 2019.
The average price per square foot decreased from $1,041 in April to $993 in May.
Listings have increased 13% from last month with 673 active listings but down 29% from May 2019. As the province eased up on restrictions, most of the new listings have come on the market in the past 2 weeks.
As always, the sellers’ best bets are studios and 1 bedroom condos and in particular in the West End area. And the buyers’ best bets are Coal Harbour units, and 3 bedroom condos.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Keep Staying Safe!
Sincerely,
Ian