Analyzing Q3 Data and Anticipating the Impact of the Second Wave
COVID-19 has played a dramatic role in the status of the real estate industry in 2020.
The obvious side effect of the pandemic was the closing of our economy. Buyers, sellers and real estate professionals alike were unprepared for such drastic changes and the industry stalled. Fast-forward to cases lowering, restrictions loosening and we saw markets rebound in a big way.
Question: Now, we enter the second wave. Will the market slow down like it did in Q2?
Answer: I don’t think it will.
The initial shock of COVID-19 took everyone by surprise. We didn’t know how to act, we didn’t know what was safe and believed hoarding toilet paper would answer our prayers. Today, real estate professionals know how to sell homes safely in these delicate environments and consumers are more comfortable with the current circumstances.
But I know one thing is for sure, if you’re not busy in real estate right now, it has nothing to do with the market.
The Toronto Regional Real Estate Board saw modest month-over-month numbers in September. Sales reached 11,083, up 2.9% from August, and the average price of a TRREB property increased 1% to $961,000.
Year-over-year data shows a completely different story. Sales are up 41.6% compared to September, 2019 and the average price has increased 14% in the same time period. Year-to-date total sales on the year are almost identical to 2019. 2020 sales are up 1.2% compared to the same period last year, just 827 more sales.
The most impressive stats might be this: Q3 2020 sales outperformed Q2 2020 sales by 102%! Take a look at my quarterly stat breakdown of 2020 in my video now and look at how the market has performed all year long.
The Calgary Real Estate Board’s September data showed good month-over-month gains in some areas and slight drops in others. Month-over-month, sales increased 8.2% with 1,702 total sales in September. Months of Inventory also fell to 3.7, almost reaching a year low. Unfortunately, the average sales price of a CREB property fell -0.4% to $468,000.
Year-over-year data shows great gains for the Calgary Real Estate Board. 2020 sales are up 24% compared to September, 2019. The average price is up slightly by 1.3% in the same time period. Year-to-date total sales are down 9.3% (or 1211 sales) compared to the same time last year.
How has Q3 rebounded from the initial shock from COVID-19 in Q2? Q3 2020 sales have outperformed Q2 2020 sales by 50%! Take a look at my quarterly stat breakdown of 2020 in my video now and look at how the market has performed all year long.
The REALTORS® Association of Edmonton reported some balanced data for September, 2020. Month-over-month, sales fell slightly by -0.4% with 1,873 total sales. Months of Inventory dropped to 3.9 and the average price of a property rose by 0.6% to $377,000.
Year-over-year, September 2020 total sales outperformed September 2019 by 35% or 486 sales. The average price of a property rose 7.1% year-over-year. Year-to-date total sales for 2020 fell by -3.5% compared to the same period last year.
The most impressive stats might be this: Q3 2020 sales outperformed Q2 2020 sales by 49.6%! Take a look at my quarterly stat breakdown of 2020 in my video now and look at how the market has performed all year long.
The Real Estate Board of Greater Vancouver showed some impressive results in September. Month-over-month, sales went up 19.6% in September, with a total of 3,643 transactions. Months of Inventory dropped -14.4% and now sits at 3.6. The benchmark price of a REBGV property rose 0.3% month-over-month and now sits at $1,041,000.
Year-over-year data gives us a look at just how well the Greater Vancouver market has performed in 2020. Sales are up 56.2% year-over-year and the benchmark price is up 5% from the same period last year. Year-to-date total sales for 2020 outperformed 2019 by 17.4% or by 3121 total sales.
The most impressive stats might be this: Q3 2020 sales outperformed Q2 2020 sales by 94.9%! Take a look at my quarterly stat breakdown of 2020 in my video now and look at how the market has performed all year long.