For the last month, we've been bouncing from week to week. One week there's an increase in activity, the next it falls. While overall activity has been subdued, we've been consistently inconsistent in direction.
This past week continues that trend. After the previous week where we saw a dramatic drop, things suddenly look more positive once again. While our overall market is still in balanced territory (4.23 MOI) sales jumped from 194 to 224.
At the same time, new listings fell for the second week in a row to 293 (from 330). And also for the second week in a row, active listings dropped to 3,792 from 3,857. That's the biggest drop in inventory on the market that we've seen since February of this year.
Every sub-market but one strengthened this past week. The biggest improvements were in East Van townhouses (2.28 MOI from 3.98), East Van houses (3.42 MOI from 5.06) and...wait for it...Westside houses (7.83 MOI from 10.44). All sub-markets outside of the downtown core...
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After a brief uptick in our market in Week 28, the last week returned to a summer theme. Activity in our market continues to slow as Vancouverites attention turns towards sun, sand and vacations.
In the last week sales dipped to 194 from 227. This was just the second time we saw sales fall below 200 since January of this year (and the second time in the last three weeks). New listings also fell to 330 from 399...pushing total active listings down slighly to 3,857 from 3,875.
The result is that our market find itself squarely in a balanced market with 4.97 months-of-inventory (MOI). That means that neither buyers nor sellers are at an advantage at the moment.
One market is still hot, and that's East Vancouver condos. That market was the only one to see an increase in sales in the last week (38 from 32). And, it's the only market to be fully in seller's market territory (2.56 MOI).
Every other market in Vancouver is balanced....except one. If you've been following...
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What happened in the Vancouver real estate market in the last week (Week 28 - July 3rd - 10th, 2021)?

After a significant dip in all market activity the week before, we saw a bit of a resurgence. It was the first time in more than a month (5 weeks) that the market moved more towards a seller's market.

We find ourselves in an overall balanced market with 4.27 MOI (from 5.32 MOI).

Sales rose to 227 after dipping down to 181 the week before. That's also the first significant increase in sales in the last month. New listings also propelled higher with 399 way up from 263 the week before.

Condos on the Westside took the crown for the hottest micro-market in the past week. They were in a seller's market with 2.92 MOI. East Van condos weren't far behind with 3.12 MOI...and even downtown condos had a great week (the 60 sales moved them to 4.12 MOI).

While westside houses led on the downside with 8.17 MOI, it was a big improvement from the previous week. The micro-market that had the biggest downward...

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Summer has arrived...and with it, our summer real estate market.

The record-setting pace of the spring market is now well behind us. Overall, our market still finds itself in a seller's market (but edging towards balanced territory at 3.67 MOI)...with some pockets still hot, and others cooling more dramatically.

Total sales in the last month hit 1,064 (-12% from the previous month). That's nearly 50% lower than the all-time peak reached back in March...but it's still about 10% higher than the 10-year average (so, still a good month in terms of sales).

New listings have been slowing down as we had 1,971 in the past month. That's about 10% over the 10-year average, but a decline of 15% from the month before (and about a 25% drop from the highest levels of the spring).

Total active listings actually dropped this past month to 4,030. That's 7% higher than the 10-year average and 2.6% lower than the previous month.

The most demand has been in Townhouses and condos outside of the downtown core in...

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After a few weeks of gently moving towards a balanced market, our market moved more significantly into a balanced market. Market activity dropped significantly in the last week, across the board...partially due to the onset of summer but most importantly yet another long-weekend.

Sales dropped to 181 from 234. That's the lowest we've seen demand since the beginning of the year...way back in late-January 2021.

263 new listings in the last week (down from 374) is the lowest number of new listings we've seen all year...and overall, total active listings fell from 3,989 to 3,855. After seeing listings rise steadily for months, that's the 3rd week in a row that inventory levels have dropped.

East Van condos remain the strongest micro-market with just 2.25 MOI. East Van Townhouses were the only other micro-market still in a seller's market with 3.33 MOI.

If there's one thing to be said about the westside house market it's that it's been quite consistent the last few months. Unfotunately, it's...

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