Week 10 – Vancouver Real Estate Week in Review (February 28th – March 6th, 2021)

Week 10 – Market Update

Remember last week when I told you we had a record for the most number of sales in a week since 2019? Well, it happened again.

We went from 224 sales in Week 8, to 274 sales in Week 9 to 316 sales this past week (Week 10).

Meanwhile, the 465 new listings were a record-high for 2021 adding to the 2,787 total active listings. We’ve been hovering around this same level of inventory since the year began.

Overall, our market is sitting at just 2.2 months of inventory…a very solid seller’s market.

Once again, it’s East Vancouver where we are seeing the most demand. East Van townhouses were the leader with just 1.01 months of inventory, followed by condos with 1.54 and houses with 1.88 (which also saw 70% of sales over their asking price).

All three micro-markets in East Van saw the most sales they’d seen since 2019.

On the Westside, only townhouses (with 21) hit their sales highs since 2019. Westside apartments were the only market that actually saw a down-tick in sales (going from 58 to 52).

Downtown, condos had another hot week. Months of inventory sat at 2.88 with a record 78 sales (that is, a record-high since 2019).

With increasing demand and limited supply, the inevitable is that pressure is being put on prices. There have been some surprising sales in recent weeks…but it begins to make sense when you look at these numbers.

Vancouver West (Westside)

East Vancouver (Eastside)

Downtown Vancouver