August 2020 Real Estate Market Update

August 2020 Real Estate Market Update

The August market was trending up as the COVID-19 was slowly getting lifted. This increase the number of transactions that occurred in July and we’ve noticed a high demand for single family homes.

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

  • 5,801 new listings were added this month, which is a 2% decrease compared to last month, and a 44% increase from last August.
  • 3040 properties were sold this month, which is a 3% decrease compared to July, and a 36% increase from last year./li>
  • The ratio in August was 22%, a 2% increase compared to July, and a %7 increase 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.

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If there are any questions that you have about buying or selling a home or you are just looking for some real estate advice, feel free to call me anytime or fill in the form below.