Remember all that uncertainty I spoke about last month?
Turns out it’s continued to have an impact on our real estate market. We continued to have “unusually” low sales activity through the month of April.
However…there are some glimmers of a silver-lining if I squint very hard.
Sales rose 4% from last month to 668. However, this was well below a year ago (-18.6%) and almost -21% below the 10-year average.
In recent years, we’ve seen April sales numbers dip from March…so while this number well below our historical average I do think it’s meaningful that it rose from last month rather than dropped.
New listings climbed only a modest +1% from the previous month to 2,050. This was -12% below last year but still +16% over the 10-year average.
Total active listings reached 4,915 +42% over the 10-year average (significantly, it’s our first decline vs the 10-year average in supply so far this year). This is the highest number of listings we’ve had in Vancouver since the fall of 2012 (although just 20 more than last September).
So yes, the market is weak.
At the top end of the market (think “luxury”) we have considerable weakness…but in recent weeks I’ve noticed much more interest in buying once again (along with those glimmers of hope I mentioned).
Perhaps it’s the fact that our federal election is behind us, the rhetoric to the south has softened a bit, or we are all just getting used to living with a little more uncertainty…but whatever the case there is definitely a touch more confidence in the market today than there was 2 - 6 weeks ago.
Don’t get me wrong. I don’t believe we are going to be setting any records anytime soon…but the anecdotal evidence is pointing in the direction of a little more stability in our market in the coming months.
As always, feel free to reach out if you’d like to chat about how the current market conditions might impact your plans!
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