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.
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.
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.