Week 52 – Market Update
Mid-December through to mid-January is traditionally one of the quietest periods on the real estate calendar. Most people are either taking vacations, preparing for the holidays, or spending time with family…and as a result we see fewer listings and sales during this period.
This past week definitely played into this overall trend. For the 7th straight week we saw overall listings drop and for the 4th straight week we had both sales and new listings decline. In fact, there were just 44 new listings overall in Vancouver this past week (3 months ago we were getting more than 10x that in a week).
While the overall trend is expected, there are as always pockets of surprising strength as well as weakness. Of note, the strongest markets were East Vancouver houses as well as apartments in all areas (East Van, Westside and even Downtown). The weaker micro-market in the past week was for townhouses/duplexes in all areas.
Next week, I expect that we will see another...