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    Q2 2020 Market Recap

    June sales surged back with a year over year sales decline of only of 8.5% (47 to 43) in total sales transactions. Month over month, total sales transactions are up 54%. With the move to the next phase of reopening, we have also seen an increase in active listing inventory to 321 total active listings; the first time the market has been above 300 since June 2015. Year over year, listings are up 23% and month over month, listings are up 15%. This increase is more due to unsold inventory rather than a surge of sellers coming to market.

    Overall, the market is sitting in a balanced market territory. Certain sub-segments of the market are verging on a seller’s market while other segments are very much in a buyer’s market. The single family home (especially below $1,200,000) has had strong interest as buyers move both within the market and into the market. Some of these buyers can now work from home indefinitely and are looking for more space.

    While there are certainly some bright spots in the market, the past four months has resulted in fewer sales and some downward pressure on the market in certain segments. The number of active listings that allow short term rentals has doubled year over year with 67 active listings; while total sales have remained steady. In addition, there are many larger luxury homes on the market competing for a limited buyer pool.

    Q2 2020 sales in total transaction volume are down 21% quarter over quarter and 48% year over year. Between the first week of March and the last week of June, year over year total sales transactions are down 53%. During the same period, new listings coming to market are down 17% year over year as people have held off coming to the market during a pandemic / recession.  Apartment and townhouse type properties were the two hardest hit segments with the largest declines in transactions between Q1 and Q2 2020.  This past quarter recorded the fewest transactions since Q4 2011. Looking forward, if the strength of the June market carries into July, we expect to see the excess volume of listings become absorbed by the market through the summer and fall months. We may see another increase in active listings later in the fall as the mortgage deferrals come due and more people are in a position where they need to sell.

    Detached / Semi-Detached Homes Q2 2020

    Average Sale Price $1,176,452 up 16% yr/yr

    Median Sale Price $1,025,000 up 15% yr/yr

    Total Sales 31 down 37% yr/yr

    Townhouse Condominiums Q2 2020

    Average Sale Price $750,689 up 15% yr/yr

    Median Sale Price $759,000 up 19% yr/yr

    Total Sales 18 down 59% yr/yr

    Apartment Condominiums Q2 2020

    Average Sale Price $518,183 down 8% yr/yr

    Median Sale Price $443,000 down 15% yr/yr

    Total Sales 17 down 73% yr/yr

    Tourist Home & Hotel Condo Visitor Accommodation

    Average Sale Price $269,529 down 35% yr/yr

    Median Sale Price $287,900 down 31% yr/yr

    Total Sales 17 down 56% yr/yr

    *Q2 2020 is the first quarter where Tourist Home use and Commercial Visitor Accomodation have been collected together. Also of note, there were a number of fractional ownership sales in 2020 which resulted in lower average and median prices.

     

     

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