Week 17 – Weekly Vancouver Real Estate Update
Sales eased in the last week. Falling from 328 to 317. This was the 3rd week out of the last 5 that sales have fallen since hitting an all-time record (373) in Week 13.
New listings backed off a little from their peak of 599 in the previous week to 562 this past week. The result is that overall active listings rose to 3,485 (a high for 2021)…and months-of-inventory edged higher to 2.75 (from 2.55).
It’s clear that the overall market is seeing some easing off of the intensity that was present throughout the record-setting month of March. There are no signs of a correction at this point…it’s simply a normal shift in the market.
Make no mistake, the market remains (overall) a very strong seller’s market. We are seeing natural ebbs and flows from week to week when we look at each micro-market…but it’s the overall market direction that’s most important.
The hottest market in the last week was for Westside townhouses (sales rose from 22 to 28). That market was one of only two that saw months-of-inventory below 2 (1.91). The other was East Van condos with 1.99 (that market saw a drop in sales from 56 to 45).
Another micro-market that saw marked improvement was for Westside houses. Sales there rose from 32 to 38. East Van houses remain remarkably robust as well…with sales rising 1 from 58 to 59 (MOI of 2.51). But what is most remarkable there is that 76% of sales were over their asking price.
Where does our market go from here? I’d expect to see that overall listing inventory continue to increase as we are smack in the middle of the traditional listing period.
The craziness of March is behind us…but make no mistake, the market is still competitive. The right listings at the right price are still going to see a lot of interest and competition from buyers.
Vancouver West (Westside)
East Vancouver (Eastside)