In the last week our real estate market showed signs of late summer fatigue. I've spoken before of the impact of long weekends but we are heading into the biggest long weekend of the year...Labour Day.
We saw a sharp drop in sales across the city from 285 (a high for the summer) down to 197. Meanwhile, new listings increased slightly from 243 to 253 pushing total active listings to 3,410.
As we've found ourselves for for much of the summer we are in a balanced market with 4.33 MOI.
The hottest sub-markets are for condominiums. All three areas (East Van, Westside and Downtown) are in fact in Seller's Markets. At the same time, detached homes (houses) on both sides of the city are in a buyer's market.
We will likely see a significant increase in listings come on the market AFTER Labour Day. Between now and then (eg next week) there's unlikely to be much activity as most of us are focusing on beaches, vactions and families (not to mention, back to school!).
Vancouver West (Westside)