July Mid-Month Market "Snap Shot"

(July 20, 2020 )

We hope you’re enjoying your July!

Here in B.C. things are getting better and it’s encouraging to know that our collective efforts over the past few months are paying off. While we’re not out of the woods yet, we are seeing steady progress and enjoying Phase 3 of our province's economic Restart Plan.

As things continue to improve, you might have some questions about the local real estate market. Are homes selling? Where are prices right now? What’s the selling process given COVID-19 protocols? How are people shopping for new homes? Getting answers to these questions is crucial if you plan to move this summer or fall. But, even if it’s just for curiosity, it’s always good to stay up to date on what’s happening in the real estate market.

Below is our Greater Vancouver "INSIDERS" Mid-Month Snap Shot from July 1st through July 14th 2020.Here's the highlights comparing July 1 -14th- 2020 vs 2019;

- Average selling prices remain flat to +10% compared to the same period last year.

- The number of sales units are running -45% to -55% down from the same period last year.

- Active listings remain -4% to -29% fewer than the same time last year. Inventory remains tight.

Overall, the Greater Vancouver real estate market is recovering more quickly than originally anticipated. With lower mortgage rates, many people are taking this opportunity to enter the market as first-time home buyers, move up market or are choosing to downsize.

These market stats are general in nature and how the Greater Vancouver real estate market reflects your specific interests and needs may vary...our team is happy to have in-depth conversations and discuss specific market trends that are unique to you and your real estate goals.  

We're here to help!




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