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 is that we will have a busy fall market a head of us. It's likely that the trend of limited supply and surprising demand will continue.
For buyer's that will translate to a highly competitive market. One in which they'll need to act quickly and decisively to be successful.
Meanwhile, seller's (of just about everything other than westside houses) will find themselves in control and able to dictate terms.
As always, don't hesitate to reach out if you'd like to discuss how the current market impacts your plans and situation.