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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...
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...
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...