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 the last month. Both of these segments performed well (not westside townhouses, though), particularly in East Vancouver.
Prices continue to edge higher for the most part. Especially for westside houses (+2.22%) and east van townhouses (+2.06%).
I stressed this last month, but I'll do it again...what's seeing the most demand right now are homes that offer families space, flexibility and outdoor space. Particularly, in "affordable" price points.
My expectation is that we will have a quieter summer. We typically see lower activity levels in July and August as many people take holidays...but I expect this year will be more pronounced than most.
...that might make the coming month or so an ideal time to pick up a property before everyone else gets back to it in September and October.
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