Real estate activity in Metro Vancouver have been limited given COVID-19 and we are all adjusting to the new normal. While the number of sales reported by the Real Estate Board of Greater Vancouver (REBGV) is 39.4% less from last year, it is an expected decrease given social distancing measures being practiced. However, that does not mean people are not interested in Real Estate.
What is so interesting is that while sales have been down, the number of homes listed are significantly down. In April, there were 2,313 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver. This is nearly 60% less compared to the 5,742 homes that were listed last year and a decrease of almost 48% compared to last month in March 2020. There is very little inventory.
Once again, that makes sense given social distancing and stay home measures are encouraged. What this means is that there is very little competition for home sellers. As reported by the Real Estate Board of Greater Vancouver (REBGV), “Home prices have held relatively steady in our region since the COVID-19 situation worsened in March.” Across the 3 segments (detached, attached, and apartments), home prices have actually increased between 2.3% to 2.8% compared to last year and none of them have had a more than 0.8% increase or decrease since last month. Prices have remained without any significant change.
Many real estate search websites have reported large search volumes from active buyers and sellers visiting their website as they are actively searching for real estate and gathering information. Buyers are doing a lot more research and due diligence work at home by exploring all materials available for interested listings or speaking with their Realtors to better understand the properties and its surrounding areas before booking private showings.
We are providing live virtual walkthroughs, recorded video walkthroughs, virtual matterport walkthroughs (computer generated visual walkthroughs for the buyer to virtually go through the property themselves), professional photography and videography, and floorplans for our listings so that any interested buyers can better understand the space and have all information readily available for them to access as we are pro-actively servicing this new normal for our buying and selling clients. Consultations can be done virtually if preferred and all signatures can be accomplished electronically. While adjustments have been made, these are all practices that we have already been doing and are well versed in as we have continued to achieve great results for our clients through the pandemic.
I hope you and your loved ones are safe and healthy. Feel free to reach out to us if you need help. We all have our roles to play in this community, and we’re all in this together.
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