May 2020 begins to see sellers and buyers feel more comfortable in the real estate market with increased activity.
Activity for May increases compared to April 2020
A total of 1,485 homes sold in May 2020. This shows a 33.9% increase compared to April’s 1,109 sold properties. Sellers and buyers are becoming more comfortable moving forward in the market.
Benchmark Price remains relatively unchanged for May
Although home sales and listing activity is down compared to the 10 year May average, home prices remain steady. The Benchmark Price is based of the estimated sales price of a typical property within each market. April 2020’s benchmark price of homes in Greater Vancouver was $1,036,000. The benchmark price for May 2020 was $1,028,400.
Inventory increases giving buyers more selection
Inventory has decreased since May of last year. However a total of 3,684 detached, attached and apartment properties were listed for sale in Metro Vancouver for May 2020. This is a significant increase of 59.3 per cent compared to April 2020’s 2,313 homes that were listed.
The market remains balanced across all properties
The percentage of sales-to-active listings ratios for all properties in Greater Vancouver was 15%. The detached ratio was 13.5%. Townhouses were at 18.9% and condos were at 14.8%. According to some analysts, downward pressure on home prices occur when the ratio falls below 12% over extended months. While upward pressure can occur when the ratio goes above 20%.
Sales increase in Vancouver & Burnaby
On the Westside of Vancouver, there were a total of 264 sales for May. In April, the Westside had a total of 195 sold homes.
East Side Vancouver sold 165 homes in May, while April’s sales for East Vancouver totaled 120.
Burnaby had a total of 160 sales for the month of May. In the month of April 2020 Burnaby had a total of 107 sales.