Week 11 – Market Update
For the third week in a row we hit another pandemic record for sales in a week (that’s a high for 2020 and 2021). This time, we just eked it out rising from 316 to 318.
New listings also hit another 2021 record rising from 465 to 503. This pushed total active listings on the market to 2,894.
Overall market activity edged down just a touch to 2.28 months-of-inventory from 2.2 the previous week. That’s still a very strong overall seller’s market.
Once more, East Vancouver is the hot-spot of market activity. All micro-markets there are below 2 months-of-inventory. This week, lead by East Van condos with 67 sales and just 1.28 months-of-inventory.
The hottest Westside micro-market was for townhouses with just 2.18 months-of-inventory. But, it was detached homes that saw the most improvement…edging just into seller’s market territory going from 4.09 months-of-inventory last week to 3.78 this week.
Downtown condos remained fairly flat week-to-week. Sales fell slightly from 78 to 73…but sales-over-ask jumped significantly from 12 to 24. Also, Downtown townhouses had a strong week with 4 sales.
Overall, the market is continuing to see immense demand across nearly every micro-market. Seller’s are generally in control…particularly in the “affordable” price bands. To be successful, buyers must be prepared and act quickly and decisively.
Vancouver West (Westside)
East Vancouver (Eastside)