Sales are returning out of the gates of Phase 2 re-opening in BC. Although sales were expected to return, not many expected such an early increase in sales given that Open Houses are still not being done. June's total will surpass last year's sales number. Given the circumstances of 2020, this is a surprise to many. Sales are expected to return to stable month-over-month figures next month as many buyers that sat the spring market during the lockdown return to market.
Inventory is starting to come back online in Phase 2 to make up for the losses taken during March to May. It still sits below 2018 and 2019 numbers for now but it should increase well into September this year as more sellers return.
New Listings are coming back with a force in June. It is estimated that roughly 5,000 new listings may have been compromised during the Covid-19 pandemic. It appears that about 1,000 of them are now back on the market leaving about 3,000-4,000 additional new listings that will be topped up in addition to typical monthly totals over the new few months. One can expect a fairly high New Listings number for July and August as New Listings play catch up.
Month of Inventory is starting to return to seller's market territory with MOI expected to fall under 5. It may be too early to tell for now but it is a must-follow trend of 2020 with Covid-19 still looming in our society.
