Buyers are busy lately – and the recent sales are showing that they are ready to make their move when they see that perfect property. If you’ve been holding back on listing your property for sale, this may be the perfect time to have that conversation with your Realtor.
“People buy and sell for lifestyle reasons,” says Chris Shields, President of the Fraser Valley Real Estate Board, “and currently, even during this uncertain time, conditions are favourable. The market is balanced, inventory is growing, and prices remain stable.”
The sale prices on properties are even increasing slightly, moving the market in favour of sellers, as shown in the following table.
MLS® HPI Benchmark Price Activity
Mission Real Estate Statistics
81 New Listings in June 2020 compared to 59 in May.
Sales doubled – 43 Sales in June 2020, up 21 sales from the previous month, and on par with June 2019.
The number of Active Listings has remained the same even though there is an increase in new listings, evidence that inventory is moving. We are almost back to seasonal norms, but whether that will continue will depend on many factors.
Mission’s Benchmark Price for detached homes in June 2020 was $686,900 compared to June 2019 which was $654,600, an increase of 4.9%.
Should I Sell? Is it the Right Time to Buy?
Whether you’re considering selling or buying, talk to your real estate professional and they can advise you on current market conditions and forecasts.
It’s crucial during this sensitive time to be prepared and strategic.
“We’re cautiously optimistic,” adds Shields. “June’s numbers clearly indicate that the market is functioning in this challenging new environment and we’re returning to more typical activity levels.”