The real estate market continues to thrive with home sales in November 2020 soaring past historical averages, with over 3,000 sales. For the first time since 2015, sales have surpassed 3,000 in November which exemplifies the demand our current market is experiencing.
This increase in sales for the month of November 2020 is about a 23% increase from last year and a 17% decrease from last month. The upward trajectory of home sale activity is also evident when we observe the 10 year average with November 2020 sales performing almost 25% better.
The increase in sales are also a result of more homes being listed. With 4,068 homes across all property types listed in November 2020, it was a 36% increase from last year. Expectedly, homes that are listed do not always sell within that same month and a lot of the home sales were from the 5,571 homes that were listed in October 2020 and before.
Still, the supply of homes remains low and this forces an upward pressure on home prices. The trend still favours home sellers in today’s market. Sales to active listings ratio remain above 20% across all property types (Detached, townhomes, and apartments), with a staggering 40% for townhomes, indicating a seller’s market.
Buyers are out and about and have serious changes in considerations for how they will live which ultimately affects their purchasing decisions. The pandemic has really altered the way buyers are envisioning themselves in a property and has challenged them to ask what is and is not important in a home. They have serious considerations of how they and their family live, how they may work remotely, how they may exercise, and how they may access amenities within their immediate neighbourhood. These changes have really garnished strong interest for desirable properties as we are still experiencing multiple offer scenarios.
We wish you all a happy holiday as we prepare and venture into 2021. As always, if there is anything we can help with, please feel free to reach out. While the pandemic has made us social distance, we have been brought closer together as we face the challenges of today and the challenges of tomorrow together.
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