The trend that started just after Labour Day continued this past week.

Demand increased, while supply dwindled.

That trend broke in the previous week (Week 42), but it looks as though that was just a temporary blip.

Sales increased to 267 (from 218). Since the end of May, that was only the second time that sales were over 250.

New listings declined to 321 (from 344) and total listings fell to 3,384 (from 3,452). That's the lowest number of listings we've had since the beginning of July.

With a week like that, it's no surprise that every sub-market but one was a seller's market (overall, we had just 3.17 MOI). The one exception was for Westside houses...but it was the best week for Westside houses in months (4.86 MOI).

The hottest sub-markets were East Van condos (2.03 MOI) and Westside condos (2.6 MOI). East Van houses had one of their strongest weeks in months as well with just 2.62 MOI (jumping from 27 to 41 sales).

The lack of inventory continues to hamstring our market. It's unlikely...

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There was a distinct change of tone in the last week.
 
Recently, we were seeing a steady rise in demand while supply shrank. The market softened a little in the last week. New listings rose while sales dropped and we moved closer to a balanced market overall.
 
There were 218 sales in the last week, down from 248. This was the lowest number of sales we've had in the last month.
 
Meanwhile, new listings rose from 327 to 344...just the second week in a row that new listings increased...but that pushed total active listings slightly higher to 3,452 (from 3,446.
 
After a month of being in an overall seller's market the months-of-inventory rose to 3.96. That's still a seller's market but it's right on the edge of being balanced.
 
The hottest sub-markets continue to be East Van condos (2.13 MOI) and townhouses (2 MOI). Westside houses are the slowest (7.63 MOI) but it was Downtown condos that saw the biggest change...going from 4.12 MOI to 5.46 with a drop in sales...
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Vancouver Real Estate – Monthly Market Update – Infographic – September 2021

September is typically the onset of Vancouver's fall market. It's USUALLY the second busiest season in our real estate market...where we see a peak in both listing and sales activity.

After everyone takes a breather in August, the fall season begins as soon as Labour Day is behind us. This year, September didn't disappoint but it did hold a big surprise (unless, that is, you've been following my weekly market updates).

There were 934 sales in the month. That was +4.7% over August sales (and down 4.4% from a year ago). What was most notable, however, is that it was a whopping 21% over the 10-year average.

While the demand (sales) side delivered as expected, it's the supply (listings) that were a surprise. While we typically see a flood of listings in the fall, it was really just a trickle through September.

There were 1,854 new listings (+40.6% over August and -14% from the previous year). Total active listings were 3,647 which was -4% from the 10-year average.

This rise in demand and drop in...

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After a brief bump in new listings, this fall market has been characterized by a lack of options. The first week of September saw nearly 500 new listings come onto the market...but instead of stabilizing or raising, new listings have done nothing but decline for the last four weeks (dropping to 327 this past week).
 
Meanwhile, sales aren't setting the world on fire. But, they have been steady for the last month. Sales increased from 230 to 248 in the last week.
 
Overall, active listings hit 3,446. That's the third consecutive week that they've DECLINED. Unusual, for this time of year and an indication of the strength in demand.
 
The general pattern for the last month is that the market has been moving further and further into a seller's market. Buyer demand is steady, but more than anything it is the supply side that is limited.
 
If you are looking to buy right now, you will find that almost every sub-market is in a seller's market. That's true especially for everything...
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Are you a frustrated buyer in Vancouver's real estate market?
You aren't alone!
This past week's numbers reinforce the experience of many out there right now. Demand exists but it's the supply that isn't co-operating...remaining unseasonably low.
Yes, new listings did actually rise in the last week. Going from 339 to 362. But that is just a trickle of new listings at what is normally our second busiest listing season (next to the Spring Market).
And sales did edge SLIGHTLY lower (from 240 to 230). But again, we are well above the 200-sale threshold...and I would suggest that this number would be higher IF buyers actually had inventory to choose from!
Overall, our market (for the second week in a row) is in a Seller's Market (3.8 months-of-inventory). East Van and Westside townhouses led the strength with 2.39 and 2.86 MOI respectively. Condos also continued strong Seller's Markets throughout the city.
On the weak side Westside houses (6.57 MOI) didn't relinquish the crown it's been carrying for...

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