Week 13 – Market Update
The most remarkable thing that happened in the last week was that sales hit yet another pandemic record. We went from 315 sales in the previous week to 373 this week…that’s an enormous jump in just one week.
At the same time, new listings fell to 475 (from 547) and overall inventory levels held steady at 3,040 (from 3,041). That resulted in the overall Vancouver market sitting at 2.04 Months-of-Inventory….a very strong seller’s market.
With another record set in terms of sales, the seller’s market was true for every micro-market in Vancouver. East Vancouver continues to be where the highest demand is concentrated (just 1.66 MOI) but condos across Vancouver were also incredibly hot (1.83 MOI).
Where do we go from here? At some point, we will start to see a ramping up of new listings into our regular Spring market. Given COVID, I suspect that inventory levels will increase but remain below typical levels…and demand will remain high.
That combination means that it’s likely to continue to be a challenging market to purchase in…and prices will continue to see upward pressure.
Vancouver West (Westside)
East Vancouver (Eastside)