Real Estate Market Update in B.C. - July 2020
Strong Growth of Sales and Listings (23% More Sales Compared to Last Year)
July 2020 Real Estate Market figures reflected a steady and strong sales increase over the last years. The sales have increased by 23% compared to July 2019. Also, the sales were 9.4% higher than the average July sales of the last 10 years.
There was as well a huge increase in the number of new listings, which reflected a 29% increase over the last year.
House Prices Increased
The overall home price index showed a 4.5% increase over the last year. This can be considered as a strong increase after a flat price index over the course of the COVID-19 period.
Contrary to the previous months, the biggest price increase was in detached homes with 5%. Townhomes and condos showed similar increases with 3.7% and 4.2% respectively.
The prices and the number of sales and listings show that the real estate market is currently back to its track to the pre-COVID period.
Below is a quick summary of sale figures by region.
Read the original article from Jovi Realty Inc. here: https://jovirealty.com/real-estate-market-update-july-2020/