Steady Growth of Sales and Listings (17% More Sales Compared to Last Year)
The Real Estate Market Update for June 2020 shows a strong come back in unit sales, not only over last month but also compared to last year’s same month as well.
The market continued its growth of activity during the COVID-19 pandemic. June 2020 home sales reached 2443 which is a 17% increase over last year’s sales (June 2019). The increase in unit sales also has become a very strong increase of 65% over last month‘s sales.
It clearly shows that buyers and sellers are getting back to the market despite the negative effects of the pandemic.
New Ways of Business
With the pandemic, realtors applied new technologies to help their customers to show as many listings as possible. The open houses are no more, but realtors are doing the showings by appointment only and to just only a smaller group with additional precautions. Additionally, many realtors organized virtual tours of the houses where the potential buyers had a chance to see even more number of houses with the comfort of their home(or mobile phones).
Market Trend (Will the prices Increase?)
The below chart shows the sales to listings ratio. This ratio is very good indicator as where the prices may go. the overall ratio increased to 21.4% in June, from a 15% ratio in May 2020. When over 20% ratio is exercised a couple of months, it is considered a seller’s market and more likely to lead an increase in prices in the market. So, after lower ratios in the market in the last couple of months, now we see a stronger market indicator.
Especially the ratio increase in the townhomes are significant.
Despite the positive signs for a price increase in the future, June 2020 prices were slightly decreased from last month. Overall, the decrease was 0.3%.
The prices in each category were pretty stable in recent months and this trend just continued in June 2020. However, the realtors started to receive multiple offers for especially for the good priced houses.
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Article source: Jovi Realty Inc.