Real Estate Market Update - May 2020 | Karen Wu

Dated: June 10 2020

Views: 553

Stable Prices Under COVID-19 Measures

The Real Estate Board of Greater Vancouver announced the May 2020 Real Estate Market report. According to the report, the overall house prices had 1.4% INCREASE over last month, April 2020.

Although the overall house sales showed a DECREASE of 43% compared to last year (May 2019), there was a total of 1,485 unit sales, which is a 34% INCREASE from last month(April 2020).

These figures show that even under the COVID-19 measures, the market kept the price momentum. Also after the total shutdown in April, May showed a quick increase in the number of unit sales, which reflects that the market has adapted well to the new social distancing measures that exist in the market.

The newly listed homes reached 3648 units, with a 59% increase over April 2020. Now, the total number of listed homes reached 9927, with a 5.7% increase over April 2020

Sales to Active Listing Ratio

real-estate-market-update-may-2020-sales-to-active-listings-ratio-karen-wu-vancouver-realtor.jpg

Generally, it is assumed that ratios below 12% over a period may cause decreasing prices, where the ratio over 20% for several months may result in increasing prices. As seen in the above chart, the sales to listings ratio is currently at 15%, which shows a stable price trend for Greater Vancouver.

Sales and Prices by Property Type

The prices in all three categories(detached homes, townhomes and condos) were stable, with less than 1% increase or decrease from last month’s prices. This shows that regardless of the property type, the market is keeping its momentum and the properties keepers their value, despite the slow sales.

The house prices on the city level, however, shows a variety of increases and decreases. for more details, please check the city-based detailed price, listing and sales records, in our below graphics.

Market and Jovi Realty Services

The government of BC has announced the “BC’s Restart Plan” on May 6th, which advise a controlled opening of the economy. Again, the BC Government has listed the real estate among the ESSENTIAL services, which means that we will continue to offer services to meet the housing and shelter needs of the community.

We will be open and operational during this period.  Please read our BLOG POST for the frequently asked questions and our services update.

Please CONTACT KAREN for details.

Follow us on our social platforms to get updated information, market analysis, market facts and figures, new listings, investment tips and many more.

Stay Home, Stay Safe!

Karen Wu

info@karenwu.ca

Call Us at 778.897.2228

Facebook | Instagram | Twitter | LinkedIn

 

 

real-estate-market-update-may-2020-karen-wu-vancouver-realtor-abbotsford-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-burnaby-north-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-burnaby-east-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-burnaby-south-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-coquitlam-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-ladner-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-langley-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-maple-ridge-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-mission-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-north-delta-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-north-vancouver-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-new-westminster-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-pitt-meadows-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-port-coquitlam-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-port-moody-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-richmond-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-surrey-central-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-surrey-cloverdale-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-surrey-north-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-sqaumish-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-vancouver-east-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-vancouver-west-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-tsawwassen-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-west-vancouver-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-white-rock-stats.jpg real-estate-market-update-may-2020-karen-wu-vancouver-realtor-whistler-stats.jpg

Latest Blog Posts

New Listing | MLS #2492709 | 505 3660 Vanness Avenue Vancouver V5H 6G8 | Listed by Karen Wu Jovi Realty

TYPE: APARTMENT/CONDOAREA: VANCOUVER EAST - JOYCE COLLINGWOODBEDROOM: 1 BED + DEN (CAN BE USED AS 2ND BEDROOM)BATH: 1 BATHLIVING SPACE: 709 SQ FTPRICE: $500,000YEAR BUILT: 2006PARKING: 2 SIDE BY

Read More

Real Estate Market Update - May 2020 | Karen Wu

Stable Prices Under COVID-19 MeasuresThe Real Estate Board of Greater Vancouver announced the May 2020 Real Estate Market report. According to the report, the overall house prices had 1.4%

Read More

Real Estate Market Update - April 2020 | Karen Wu

Stable Prices Despite Less TransactionApril 2020 Real Estate Market Update has been expected by many to see how the market acted in this special COVID-19 outbreak period.As expected sales and

Read More

COVID SUPPORT IN BC FOR BUSINESSES AND INDIVIDUALS – APRIL 2020 UPDATE

COVID SUPPORT PROGRAMS in BC For Businesses and Individuals These are the times where we need to stay positive and follow the guidelines to decrease the negative effects of COVID-19 and be

Read More