Week 11 of the Vancouver real estate market saw the market take a bit of a breather (March 13th - 19th, 2022). Activity levels by and large edged to the downside after ramping up through the first 2.5 months of the year.
Sales dropped to 259 (from 300). New Listings also fell to 421 (from 479)...while Total Active Listings were up slightly to 2,800 (from 2,772).
Combined, these numbers found us still well within a very hot Seller's Market with a Months-of-Inventory of 2.7 (up from 2.31). I repeat...despite this past week being a bit softer in terms of activity, we are still in a red-hot Seller's Market in nearly EVERY SINGL sub-market.
The drop in activity was fairly evenly distributed amongst the sub-markets...although, it could be said that the slow-down was slighlty more pronounced in East Vancouver (across all property types).
The hottest sub-market remains East Van condos with 1.98 MOI. That's despite a big drop in sales over the last week (37 from 62). Condos remain the hottest segment across the board including on the Westside (1.98 MOI) and Downtown (2.37 MOI).
In fact, Westside condos were the only sub-market to see a bump higher in Sales last week (59 from 54).
The only sub-market that does not find itself in a Seller's Market is Westside Houses. I'm sure that's no surprise to anyone as that's very consistently been the exception for some time. However, while it may be the "weaker" sub-market is continues to show signs of strengthening and is currently a Balanced Market with 5.29 MOI.
Some are questioning whether recent weeks are seeing a tipping-point in our market. The only way to know for sure wil be to look back months from now. However, I'm not so sure.
I think what's more likely is we are just seeing a little breather in the market that was brought on by Spring Break. The fact that both listings and sales are down in tandem, and that activity levels are lower across sub-markets leads me to believe this is just a regular pause in our market...and a healthy one at that.
Vancouver West (Westside)
East Vancouver (East Van)
Downtown Vancouver
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