Week 16 – Market Update
Sales held steady from the previous week while overall listings increased. We had 328 sales vs 329 the week before. New listings jumped up to 599 from 550. And overall listings increased to 3,350 from 3,196.
Where does that leave us? Still in a very hot seller’s market. We have an overall months-of-inventory of 2.55 edging just slightly higher from a week before at 2.43.
The hottest area of the city continues to be East Vancouver (for all property types). However, it’s East Van condos (1.52 MOI) and townhouses (1.39 MOI) that are seeing the most demand of any micro-markets in the city.
Downtown Vancouver is seeing a little bit of a lull in demand. Both townhouses (6.38 MOI) and condos (3.29 MOI) saw the most substantial change in their months-of-inventory…but really, that’s mainly due to more listings coming online rather than a significant drop in demand.
…and that’s really a seasonal pattern that we can expect at this time of year. We will likely continue to see new listings ramp up and overall inventory levels rise in the coming weeks. Once again, the question is; will demand be there to pick up the supply?
So far this year, the answer has been: YES! Unless there are some surprises in the federal budget (being released AFTER I write this) or interest rates suddenly jump into the high-single-digits then we are likely to continue to see this hot market continue.