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June 2020 Snapstats: Listings start to Outpace the Sales

Blog by Shali Tark | July 5th, 2020

Here is what happened in June

Home sales in the Greater Vancouver area are starting to return to more typical levels after dipping to four-decade lows in April, while prices continue to edge up from 2019.

So far, June is behaving more like the traditional spring market in April and May, usually the busiest months but pushed aside this year because of the shutdown. If we see any market correction it likely won’t be until Q4 when mortgage deferrals begin to expire. 

The figure still hovered 21.9 per cent below the 10-year sales average for June.

Focusing on the Richmond Single Family Market:

Prices: June shows a shift to a balanced market with an average sales ratio of 15% (1.5 out of every 10 homes selling), and on average homes are selling on average 4% below list price.

Most Active prices bands remain at $1.0m to $1.25m with 65% sales ratio indicating a strong Sellers’ Market. There were only 4 sales between $2.0M to over $5.0M out of 246 listings 

There were 0 sales over $2,750,000

Average sale price: -16% from $1,610,000 to $1,350,000 since April 2020, and the $/sf -4% from $588/sf to $563/sf. These conditions are very similar to June 2019, when average price was $1,315,000. 

No. of Sales:  Not surprisingly, we saw a increase of  83%. What you have to remember is sales are picking up from a very, very low level. When you take something that was at zero, of course it seems like it is bouncing back dramatically.

Real estate market’s reopening is attracting white-collar workers and professionals who have yet to feel the impact of the pandemic on their employment, given that the shutdown has disproportionately affected temporary and low-wage workers. They are encouraged by growing inventory in a soft market. 

Another trend we are seeing is the interest in detached homes in the suburbs with suites, over condos, as work-from-home practices extend over the summer months and could become the new normal. 

Top 3 neighbourhoods selling well are Steveston Village, Terra Nova, and Boyd Park

Richmond Condos:

We are seeing a continued balanced market with 20% sales ratio  or (2.0 out of every 10 homes selling).  Most activity with 43% sales ratio is between $400,000 - $500,000 compared to last month when most activity was between $500,000 - $600,000. 

Average sale price: dropped -7% to $614,000 as we saw a +8% increase in inventory. 

As supply increases, the sale prices remain unchanged, suggests buyers can shop for better value for the smaller condos.

Top Performing Neighbourhoods: Lackner, Riverdale, and Saunders

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