The keyword for the last week of the Vancouver real estate market was CONSOLIDATION.
Leading into this week we had been a pretty regular and steady increase in market activity...both sales and new listings.
Sales edged slightly lower to 300 (from 316) while new listings rose slightly to 479 (from 477).
With total listing inventory rising to 2,772 (up from 2,688) we still find ourselves in an extremely strong Seller's Market with 2.31 MOI.
Condos continue to be the hottest market segment. Specifically, East Van condos where we had a red-hot 1.15 MOI this past week...but Westside (2.2 MOI) and Downtown (2.22 MOI) Condos were also hot.
Every sub-market is in a Seller's Market except for Westside houses. While that market has consistently trailed the rest of the city it HAS been strengthening. Not that long ago it languished in a strong Buyer's Market....but it's not moved to consistently be in a Balanced Market.
Tight market conditions continue. There is little choice in the market, but intense demand...and the result is that prices continue to get pressured upwards.
Vancouver West (Westside)
East Vancouver (East Van)