May appeared to be an improvement on April.
Most indicators flashed positively for the month. Specifically, sales were up 36% from the previous month. New listings were also up strongly by 57% from April. However, total active listings held fairly steady rising just 2.5%.
It would appear that both buyers and sellers (and their agents) spent May getting comfortable with things. There was no panic, but there was a steady increase in activity from mid-April through to the end of May.
Now, numbers are still significantly depressed compared to “normal” market activity at this time of year. What we have is a market that has adjusted to new realities. Because of this, prices have remained fairly steady over the course of the last couple of months.
If there are areas that saw outsized strength in the past month it is in the detached homes. That’s an area that has lagged for some time…but this past month saw healthy upticks in prices for houses in both the Westside and Eastside of Vancouver. East Vancouver condos also showed some positive signs.
We are likely to see a rebound of activity in the coming weeks as people continue to become more comfortable with this new world. Positive messaging from government as well as the media is certainly having an impact on market psychology…and so long as that continues so should activity in our market.