June 2020 Vancouver Real Estate Market Update
The numbers are in for the Greater Vancouver area for the month of May! Now, I will do something a little different. I will take you through January to the end of May of this year and compare the numbers. But also I want to look back, because COVID -19 came in around mid-March. So let’s look back and compare Sales numbers for each month of last year and this year, and also the Benchmark price for each month of last year compared to this year. We got January through May and we’ve got Sales, Active Listings, and Months of Inventory as well as Benchmark price. We started the year with 1571 Sales. As it always does, as we move into the year, we started to rise, went to 2150 sales in February. In March went up to 2524 sales. Imagine how big a number would have been if it wasn’t COVID – 19, as it happened in the middle of March. Then we dropped down to 1109 and we back up to 1485 sales in May. So, if you look at April, which was the first full COVID month, and if we compare it to May, another full COVID month, you know what happened? We are up by 34%. So this was a nice thing to see. But again, you know things are starting to open up a little bit, so there’s a little more activity. If we take the number of Active listings and we divide the Sales into it, it gives us Months of Inventory, which is Supply and Demand. That means we’ve got 5.5 Months of Inventory right now. So we started the year with 5.5, and then we went down and the market started to get much stronger, 4.3, and then we went down to 3.8 months, it was moving the right way. But in April we jumped to 8.5 months, which is very much a Buyer’s market. And now we’re 6.7, so that’s down by 21%, which means we’re moving back towards a Balanced Market. Look at the prices. They aren’t moving that dramatically right now, because we are in a balanced market, except the month of April!