March 2020 Real Estate Market Update

March 2020 Real Estate Market Update

The March market trends was affected by the COVID-19 as the market started very strong to the point that we started to see multiple offer scenarios. However with the new stay at home recommendations the market the market did slow down. Will see how more of the impact of the COVID-19 in the coming months

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

• 4,424 new listings were added this month, which is a 11% increase compared to last month, and a 10% decrease from last March.
• 2,519 properties were sold this month, which is a 17% decrease compared to February, and a 46 % increase from last year./li>
• The ratio in March was 26%, a 3% increase compared to February, and a 13% 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.