The BPC Report: 3Q2020
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Sales:
• Although there was a 58% decrease in one-bedrooms sold YoY, there was a 66% increase QoQ.
• There were only seven closings in Q3 2020, down 65% from this time last year.
• The average price per square foot saw a YoY reduction from $1,149 in Q3 2019 to $1,078 this past quarter, a reduction of over 6%.
Rentals:
• The average rent only fell by over 8% since this time last year. It should be kept in mind however that the recorded gross rents do not reflect any incentives that are being offered by the landlords.
• 96 two-bedroom apartments rented in Q3 2020 compared to 120 in Q3 2019, a YoY decrease of 20%. Likewise, 22 3-bedroom units were rented this past quarter compared to 50 last year at this time, showing a YoY decrease of over of 50%.
• Q3 2020 saw an increase of reduction in asking price in over 60% of all advertised units compared to Q2.
