Week 12 of the Vancouver Real Estate market saw things firm up after a slower week.
Sales and New Listings diverged for the first time in a while.
Sales were up to 281 (from 259), while New Listings dropped to 346 (from 421). Total Active Listings were flat at 2,801.
Our overall market moved further into a Seller's Market with 2.49 MOI (from 2.7).
I believe that we are seeing some consolidation in the market as we move through Spring Break. In fact, that's what I would largely attribute the lower New Listing numbers as seller's are holding off on launching new listings.
East Vancouver continues to lead with strength. East Van condos remain the hottest sub-market with just 1.36 MOI ,followed closely with East Van townhouses with just 1.4.
However, East Van houses made a move in the last week. Sales jumped from 30 to 50 and we had the lowest MOI in some time with just 2.11.
Westside houses were the slowest sub-market yest again. After seeing some strength in recent weeks, that sub-market fell well back into a Buyer's Market with 8.18 MOI.
My expectation would be that listings will increase significantly once again starting NEXT week. We will more than likely also continue to see an increase in sales numbers as well as we move into the busier Spring market.
I believe that the last couple of weeks were likely just a temporary lull in activity...impacted significantly by two weeks of Spring Break. With that behind us, we now launch officially into what is traditionally the busiest time of year. The Spring Market.
Vancouver West (Westside)
East Vancouver (East Van)