November 7, 2020

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House and Condo sales volumes remain off through the 3rd quarter of 2020 over the same period in 2019.  At this moment the effects of the COVID-19 pandemic persist only in the numbers compared to 2019.  The reality is buyers are coming, lots of them, and a new buyer mantra of “LIFE IS TOO SHORT” has come with them.  As a result sales are climbing fast.  Sales are now only down 3% over 2019 in unit volume (18% ending Q2)  and only 17% in Dollar Volume (35% ending Q2).  There is great potential that by year end 2020 could match the market performance of 2019 and possibly exceed it.

Overall, the residential average and mean prices are down 14% and 6.5% over 2019 respectively and have been rebounding with a notable increase in sales and dollar volume in the $1m to $1.5m range.  Days on Market for Houses has increased as a result of the pandemic causing a lag in showings and thus sales but should trail off as the market continues to heat up.