April 2020 Real Estate Market Update

April 2020 Real Estate Market Update

The April market trends was affected by the COVID-19 as with the social distancing policies being placed. This caused the number of transactions that occurred in April but it didn’t have a significant impact on average price.

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Let’s take a look at the residential activities in Greater Vancouver in April:

• 2,307 new listings were added this month, which is an 48% decrease compared to last month, and a 60% decrease from last April.
• 1,107 properties were sold this month, which is a 56% decrease compared to March, and a 39 % decrease from last year./li>
• The ratio in April was 12%, a 14% decrease compared to March, and a 1% decrease from last year.

Understanding the market trends and the market types (Buyer’s market, Seller’s market, and balanced market) are the two key factors to consider before a real estate transaction. Knowing when to sell, buy, or more importantly, knowing when to hold all actions for the right moment, can make the biggest investment of your life the most profitable one. Vivid Real Estate market report will provide you with all these market types and much more, allowing you to make an informed decision about the next steps you could take in the real estate market.

Wondering if now is a good time to buy or sell?

Contact me today to get more information on the market situation, and let me help you determine the best call of action.