REAL ESTATE MARKET UPDATE – AUGUST 2020

Another Month of Strong Property Sales

We hade another strong month for sales after the low sales and steady prices that occurred due to COVID-19 in the spring period. The buyers were back in the market throughout the summer with the lower mortgage rates.

Unit sales showed a very significant increase over the last year, and the prices went up approx 5% compared to that of the previous year.

The market now shows a seller’s market where the sales to listing ratio exceeded 20% levels for the 3rd month in a row. This trend is valid for all the categories, condos, townhomes and detached homes.

Market Trend (Where will the prices go?)

We are in a seller’s market where the unit sales very significant growth over the last year. All summer period was powerful in sales, bringing the housing market to a price increase of around 5% over the previous year.

This increase is an indication that the buyers are back in the market, also with the support of low mortgage rates, which is around 2% for a 5-year fixed term.

The uncertainty of the pandemic and its possible effects in the economy though, makes it harder to predict autumn 2020 performance. It is clear that the buyers are willing to get in the market, but the COVID-19 news will probably be influential in the decisions of the buyers and sellers.

Our services continue during this period. we will continue to keep the safety of our clients as a priority and will continue our quality of services.

Please contact us for details.

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CT Real Estate Group

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Article source: Jovi Realty Inc.