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Faith Wilson Group’s exclusive and comprehensive Market Analyses for May 2020 have arrived.

World struggles and events have been all-absorbing in recent months and rightly so. Still, it is amazing that 6 months in, 2020 has been a blitz of events. Recapping this last month of May 2020 in Vancouver real estate, we see that it has performed substantially in the same manner as the month previously – April 2020 – with a slight price increase of 1.4% and a 2.9% increase compared to last year May 2019.

Sales have been interesting: May 2020 sales compared to last year are down about 40%, which is expected given the world event. However, we saw a sizeable increase in sales of about 34% compared to the previous month. This is certainly part of the result of more people returning to work, stores slowly opening up, and the easing up of rules and regulations. Something we haven’t heard for awhile for Greater Vancouver, all residential housing types are in balanced market territory. Who would have guessed? Given everything that is going on around us.

What is really significant is the number of new listings. Newly listed properties increased by almost 60% compared to the previous month, and year-over-year listings are down by 37%. This is compelling, as buyers are ready and the supply is limited. There is a feeling of excitement and some optimism and certainly pent-up demand. We want to get going, and move on with our lives, onto the next step in our journey.

Colette Gerber, REBGV Chair, said, “When in-person interactions are necessary, we’re working with our clients to follow the physical distancing requirements set out by WorkSafeBC and the provincial health officer.” Safety protocols are certainly in place at Faith Wilson Realty Group. We prioritize safety and continue to do so.

We are halfway through the year and our hope is that when we reflect on everything, we come out of this stronger. Together. Please let us know how we can help in any way. We love our community!

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