Taking a Pulse Before the Reopening of BC Economy
Taking a pulse.... With the reopening plan for the BC Economy being underway with starting Phase 2 as of May 19th, taking a pulse of the current market will give a baseline to determine the direction the market and consumer confidence moving forward.
Lower inventory than normal for the time of year, which makes sense as people do not want to risk their health. Overall inventory is down 506 listings compared to last year at the end of May (3,396 last year compared to 2,890 currently). There have been 482 new listings come on the market in May compared to 1158 in May of last year. 590 new listings came on in April and 985 new listings in March. The days on market increased to 83 compared to 66 in April, it may be a sign the lack of inventory buyers are forced to move to second and third choices of places that need a bit more work or it could be an early indication of a softening in the market if sellers have to reduce quickly to sell. When looking at the weekly changes, no huge changes there are more lots and vacation properties that are coming on the market compared to April, however overall inventory still down.
Let me know if there is ever anything I can do for you. -Mark