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In the last week (Week 39 - September 19th - 25th, 2021) we had a bit of a surprise in the Vancouver real estate market. The last couple weeks saw a very consistent increase in activity across the board. However, this past week gave us a bit of a surprise.

Sales continued to ramp up, reaching 240 in the past week (up from 218 in the previous week). That's the highest number of sales that we've had in Vancouver since way back in Week 25 (mid-June).

The surprise of the week was that new listings dropped quite significantly. We went from 440 last week (and 492 the week before) down to just 339...at a time where we usually see listing inventory build.

With that increase in demand and the drop in new listings we ended up with overall active listings falling slightly to 3,598 (down from 3,616). For the first time in a month we moved well into an overall seller's market with just 3.75 MOI.

Every sub-market (with two exceptions) was in a seller's market in the past week. The hottest sub-market continued...

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It looks as though the fall market has arrived. The 38th Week of 2021 (September 12th - 18th) was the first full week after the Labour Day long weekend...and with that we officially moved out of a traditionally slower period.
 
Sales rose for the first time in a month. Moving solidly over the 200 mark to 218 (from a low of 166). Overall active listings also rose for the second week in a row to 3,616 (from 3,487). New listings had a strong week but did dip from 492 to 440.
 
Our market found itself in a balanced market with 4.15 months-of-inventory...the lowest number we've seen in a month...and edging once more to a seller's market.
 
Nearly every sub-market saw increasing demand in the last week. The hottest sub-markets in the last week were townhouses across the city, but specifically East Van (2.3 MOI) and the Westside (2.69 MOI). The only sub-market to move in the opposite direction was Westside houses. That market wen from 9.03 MOI to 10.35 and saw just 18 sales.
 ...
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The last week in the Vancouver real estate market was another quiet one. That shouldn't be a surprise to anyone as it was the week of the Labour Day long weekend.
You'll have heard me talk about it before, but long weekends always have a significant impact on the market. And this is the biggest one of the year when just about everyone squeezes in their final summer holiday...and just about the last thing they are thinking about is buying real estate.
That would explain why total sales were down to just 166. That's the lowest number of sales we have seen since Week 3 way back in January of this year. 
Meanwhile, new listings rose dramatically to just shy of 500. Total active listings jumped to just shy of 3,500. Again, no surprise there as many agents and their clients are positioning themselves for the fall market...a time when we often see listings rise after the summer holidays are behind us.
The only sub-market that was still in seller's territory was East Van condos. Every other...
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Vancouver Real Estate – Monthly Market Update – Infographic – August 2021

August was characterized by unexpected demand in the Vancouver real estate market.

It's typically one of the quieter months of the year. Many Vancouverites (and their realtors) take their final holidays before the end of the summer. The result, is that August is typically more subdued than most months.

That pattern held true for the number of listings on the market. There were a total of 3,483 total active listings. A number that has been declining steadily from the high of 4,227 we hit back in May. This was marginally (3.8%) lower than the 10-year average and 7.8% below July's total.

And while the supply was low, demand was higher than usual. There were 892 sales in August which was just 4% below July's 939 sales and a whopping 11.7% over the 10-year average.

Unusually for this time of year, we found ourselves in a seller's market with 3.86 months-of-inventory. This was led by the townhouse market which saw the greatest strength (2.59 MOI) and the condo market (3.03 MOI).

Every indication...

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It's the calm before the storm.

As you've heard me say before, the last few weeks of summer are always quiet. It's Vancouver tradition to take time off through August. Spend time in the Okanagan, the Gulf Islands or on Vancouver Island...and away from buying/selling real estate.

Like clockwork, the past week followed that pattern. In general, market activity was subdued...BUT, there are some glimmers of what may be to come.

There were just 189 sales which was down slightly from 197 the week before. We've been flirting with the 200 sale level for the last few weeks...this being the 3rd time in the last 5 weeks under that bar (we were around 300 sales per week when the market was highly active back in the spring).

We did see new listings jump significantly...from 253 up to 330. That's a big jump and an indication of what's likely to come in the coming weeks. BUT, it's still well under the 500-odd new listings we saw hitting the market back in the spring.

We now have 3,306 active listings on...

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Categories:   Weekly Vancouver Real Estate Update
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