How's the Market? May 2020 Stats
Saturday Jun 20th, 2020
It has been interesting times to say the least. I hope you and your loved ones are taking the necessary steps to stay healthy and active.
As restrictions begin to loosen and some businesses get back to business, the residential real estate market got a little busier over last month with the volume of transactions across all home types up 50% over the month of April. The number of Active Listings are well below the usual seasonal averages leaving little choice for the buyers shopping for a home in today's marketplace. With limited supply and the demand for homes reflecting the current economic environment, prices have remained steady and are up 3.0% over the same month last year.
The condominium market, which is also investor driven, has seen the volume of sales slide by over 60% over the same month last year. However, prices have remained steady due again to the laws of supply and demand. With the uncertainty in today's market, many investors and owners who may consider selling are not and have chosen to continue to rent or live in their unit until there is more certainty in the overall market place. With fewer properties available prices have remained stable as the buyer demand continues to reflect the supply, prices for condos were up 5.9% for the month of May over May 2019.
For the new construction buyers out there, developers have begun to discuss the processes of opening their sales offices and developing remote purchasing processes. Developments are starting to open so if you are interested in looking for investment or end user opportunities in New Construction condominiums please do not hesitate to reach out to me.
I hope you are staying well and safe. For all your real estate needs, please never hesitate to reach out, I am here to help.
Have a great month everyone!