May 2020 Real Estate Market Update

May 2020 Real Estate Market Update

The May market trends was affected by the COVID-19 as with the social distancing policies being placed. This impacted the number of transactions that occurred in May 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 May:

• 3,680 new listings were added this month, which is an 60% increase compared to last month, and a 37% decrease from last May.
• 1,483 properties were sold this month, which is a 34% increase compared to April, and a 44 % decrease from last year./li>
• The ratio in May was 15%, a 2% increase compared to April, and a 3% 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.