Real Estate Notary Predictions For 2020
2019 has been an interesting year for our real estate notary public office.
We’ve observed a recovery in prices for the Vancouver real estate market compared to a stagnant year of sales in 2018. However, even though housing sales have climbed in the past couple of months, we still haven’t recovered from a real estate drop in sales that’s been occurring since 2017.
Here’s our breakdown of trends in 2019, and how we expect them to shape the 2020 Vancouver real estate market.
Real Estate Trends In 2019
Let’s take a look at the Vancouver real estate market in the past couple of months:
Price-wise, the average sales price of a home has climbed by 30% in December 2019, compared to November. For condos, the average sales price held at $670k throughout the month of November.
Volume-wise, residential sales in November 2019 have improved by 55% compared to sales in 2018.
All trends seem to indicate that the Vancouver real estate market has shown improvement in the last months of 2019.
2019 Compared To 2018
However, taking a look at trends in real estate we see that long-term averages are the ones that matter the most. While 2019 was an improvement over 2018, we have not fully recovered from a downward market trend in 2017.
In the past 2 years, we’ve seen a decline in the sales volume of detached homes that the Vancouver real estate market still hasn’t recovered from.
Vancouver Real Estate Predictions For 2020
Our real estate notaries public predict that 2020 will be another year of change – starting with detached homes.
In general, condo sales and prices lag behind detached house trends by about a year. Even though sales volume has improved in 2019, our real estate notaries public have observed that higher-priced properties have been selling discounted – meaning that we are still within a downward trend.
According to Eitel Insights, a real estate analyst company located in Vancouver, detached home prices are expected to drop below $1.4M in 2020.
This will affect the condo market by potentially decreasing prices down by nearly $150k within 2 years – shifting towards a stronger buyer’s market.
While our real estate notaries public are wary of fantastic news and predictions, there is one thing we believe – that 2020 will be an opportunity for home buyers to prepare for potential entry into the market.
This period in time may be the best for Vancouver home buyers since 2017, and no matter how the market turns out in 2020 we urge potential home buyers to consider looking for the necessary resources – mortgage brokers, realtors and real estate notaries, to allow for quick execution of a purchase should a good opportunity arise.
When considering a purchase of property in Vancouver, we hope you consider Morris Notary as your conveyancing agents of choice. We take pride in our ability to close purchases quickly, efficiently, and with as little hassle as possible. Contact our real estate notaries public today!