Week 14 – Market Update
Demand fell SIGNIFICANTLY in the last week.
For the first time in more than a month (5 weeks in fact) we saw a meaningful decline in the number of home sales in Vancouver. We dropped from a record high 373 down to 270 this past week (a 38% decline).
New listings also dropped from a high of 475 to 455. Supply edged higher with 3,071 total active listings (a minor drop of 1% from the previous week).
Overall, the market is still well in a seller’s market (2.84 months-of-inventory). East Vancouver continues to lead the way despite sales edging lower. The hotpoints in the city were East Van condos (1.41 MOI) and townhouses (1.85 MOI).
While almost all micro-markets saw a drop in sales from the week before, it was Westside houses that saw the biggest decline. Sales fell from 47 to 27 pushing that particular market back into a balanced market.
You are likely being inundated with news about just how hot our market is. After all, stats were just released about March 2021 which set records for the highest number of sales EVER. So, what’s going on?
I believe that the decline we are seeing in the last week is the long-weekend effect. Despite travel restrictions, many people are travelling…or at the very least, taking time off with their families.
The result? A distraction from real estate…and a decline in activity…both on the listing and buying sides. I suspect NEXT week (Week 15) will also be a bitter quieter, but the surge will continue the following week (Week 16).
Vancouver West (Westside)
East Vancouver (Eastside)