June 2020 Real Estate Activity Report
Wow, we expected the market would be a bit more active once some of the COVID precautions were eased but the Real Estate activity this June surpassed our expectations. Overall residential sales increased a whopping 77% when compared to May and exceeded June 2019 by 16%! It appears the pent-up demand that built up over March and April released in June. Sales in all the categories (single family, condominium and duplex/rowhouse) were higher from May and year over year.
Sellers joined the parade by adding the number of new residential listings by 20%. The overall inventory however is lower than a year ago.
The average sale prices haven’t seen the large decreases predicted but are off by a combined -1.5%. Condominiums dipped the most with an average sale price of $219,832, a drop of -7.6% as compared to June 2019 but coincidently, up 7.6% from May.
So, what to expect going forward? Our crystal ball isn’t that shiny, but it appears the market is still very active. It’s like we have two economies at play and it’s not easy to downplay the impact this pandemic has had on many of us. Let’s hope going forward we have seen the bottom and are looking up.
In the meantime, let’s stay healthy and look out for each other!