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In the last week (Week 39 - September 19th - 25th, 2021) we had a bit of a surprise in the Vancouver real estate market. The last couple weeks saw a very consistent increase in activity across the board. However, this past week gave us a bit of a surprise.
Sales continued to ramp up, reaching 240 in the past week (up from 218 in the previous week). That's the highest number of sales that we've had in Vancouver since way back in Week 25 (mid-June).
The surprise of the week was that new listings dropped quite significantly. We went from 440 last week (and 492 the week before) down to just 339...at a time where we usually see listing inventory build.
With that increase in demand and the drop in new listings we ended up with overall active listings falling slightly to 3,598 (down from 3,616). For the first time in a month we moved well into an overall seller's market with just 3.75 MOI.
Every sub-market (with two exceptions) was in a seller's market in the past week. The hottest sub-market continued...
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).