Market Update: May 2020

Market Update – May 2020

When it comes to real estate, things are increasingly getting better and better each week. How did the market perform in May? Let’s find out!

The last week in May, we saw that all of the markers for showings, offers, new listings, and sold homes have been increasing each week. We are almost entering into pre COVID-19 territory.

The last week in May, showings were up 20.6% from the previous week and up 94.7% compared to the same period in April.

• Offers were up 26% the past week, and up 94.1% from the same period in April.
• New listings were up 11.6% for MLS listings and 36.5% for exclusive listings for the week, and up 49.4% and 69%, respectively compared to April.
• Sales were up 34.4% from the previous week and up 95% compared to the previous month.

So, overall the market is trending in the right direction! How does that compare to last year?

Although the market is continuing to gain momentum, we are still not seeing the same volumes that we saw in May of last year.

• We had just over 4,600 sales in May which was 53.7% decrease from 2019.

The main reason was probably due to the lack of new listings. We had 9,104 new listings in May, which was down 53.1% – almost the equivalent amount of decrease in sales volume.

However, overall the average price was $863,599. This was an increase of 3% compared to May of last year.

When looking at the major home types, only the detached segment, with an average price of $1,033,341, had the only decrease in average sale price. The semi-detached, townhome, and condo segments all had over 3% increases in average prices!

Although we have heard some mixed reviews about where the housing market is and where it is heading, it is good to look at the numbers to determine what is actually happening in the market. With upwards trends for listings, showings, and sales each week, it looks as though our housing market is still strong.