Here's your update for Week 1 of 2022 in Vancouver real estate (January 2nd - 8th, 2022).
We saw a rebound in activity levels across the board. Sales, new listings and total active listings all increased for (nearly) every sub-market.
Sales doubled from 48 to 97. At the same time, new listings skyrocketed to 238 from just 37.
...and yet, total active listings rose only slightly to 2,171 from 2,118. I believe that inconsistency is due to the fact we likely saw a lot of cancelled/expired listings to begin the year.
Our stay in a buyer's market was extremely short-lived (just 1 week). We went from MOI of 11.03 way back down to 5.6 this past week. As we move out of the holiday season in the next week or two, I expect this number to come further down and for us to reassume our position as a seller's market.
Once again, this increase in activity is to be expected. It's very normal for the low-point of activity to take place the week between Christmas and New Year...as it looks like it was this year.
What's a little unusual is just how many new listings hit the market this week. I believe that we are seeing more listings now than normal because realtors know that the demand is out there...and there has been VERY little supply.
If you need to sell something, you'll be able to find a buyer.
Vancouver West (Westside)
East Vancouver (East Van)