We are all becoming more adjusted to operating with new standard practices. Along with an easing of restrictions in our everyday life, there has been evidence of increased activity in the real estate market. Sellers and Buyers have gradually become more active with each month passing from the mid March COVID-19 news. In fact, June home sales and listing activity in Metro Vancouver have returned to historically typical levels.
The evidence is in the numbers. The Real Estate Board of Greater Vancouver (REBGV) recorded 2,443 residential home sales in June 2020 which is a 17.6% increase from last year’s June. Comparing June 2020 to just a month before in May 2020, we saw a substantial increase of about 64.5% in home sales. Note that for the first time in a few years, we are in a balanced market across all residential segment types.
As we are well pass the midway point of 2020, people have an urge to get going with their goals and lives. We continue to make sure sellers receive the best exposure to their property to the relevant eyeballs with a strong online presence with cutting edge marketing. During in person showings, physical distancing practices, and sanitizing protocols are adhered to for safe showings.
Just continuing on with the current increase in activity, these numbers exemplify what we and many others have been feeling in regards to an uptick in the market. There were 21.8% more homes listed on the MLS in June 2020 compared to June 2019. This is a staggering 57.1% increase compared to last month in May 2020 when only 3,684 homes were listed.
Anecdotally, our team has experienced a surge of energy in the market resulting in sales from both buyer ends and seller ends. We have noticed the prices have remained steady prior to COVID-19. We will continue to monitor and report our findings to you.
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