Week 12 – Market Update
We had another record this past week. No, it wasn’t for sales this time. That number actually edged ever so slightly lower to 315 from 318.
Last week’s pandemic record was for the number of new listings that hit the market. We jumped from 503 in the previous week to 547 this past week…which was a record not just for 2021 but also all of 2020.
And yet, overall active listings rose but only just over 3,000 to 3,041…and we find ourselves still very much in the middle of a very strong seller’s market with 2.41 months-of-inventory (MOI).
East Vancouver is the market seeing the most activity and the highest levels of demand. Pockets of strength were found in condos across the city…East Van (1.33 MOI), Westside (2.31 MOI) and even Downtown (2.61 MOI).
East Van townhouses were also incredibly strong with just 2.27 MOI as were East Van houses (2.21 MOI). In fact, while sales dropped a little for East Van houses (51 from 54) the number of sales over-asking is a strong indicator of just how heated that market is. Of 51 sales, 37 were sold for more than their asking price. That’s 73%!
The two markets that saw some cooling off were both on the Westside. Westside houses and townhouses both slowed a bit from previous weeks. Houses moved back into a balanced market at 4.58 MOI and townhouses went from 2.18 to 3.54 MOI.
Demand continues to be at extremely high levels in nearly every micro-market throughout Vancouver. While new supply is increasing…overall inventory levels remain low…putting intense pressure on prices.