Weekly Vancouver Real Estate Update - Week 19
Sales (demand) remains high but it’s eased off a bit. Overall sales reached 299 in Vancouver this past week. That’s the first time we dropped below 300 sales in a week in the last 5 weeks (since 270 back in Week 14).
New Listings continue to come on strong. They edged higher from 563 to 578 in the past week. We’ve been flirting with 600 for the last month but have yet to hit that number.
Total active listings continued to rise going from 3,571 to 3,721. That now puts us at an overall Months-of-Inventory of 3.11…still a very hot seller’s market. But, the trend in recent weeks is moving us towards more of a balanced market.
The hottest micro-market remains East Vancouver condos. That market has a white-hot MOI of 1.67. Westside Townhouses/Duplexes also remain strong with 2.48 MOI.
East Van Townhouses/Duplexes saw the biggest decline in activity. Sales fell from 20 to 13, the lowest number of sales since late-January. Westside Houses find themselves solidly in a balanced market with 5.92 MOI. Sales remain strong, but new listings have been heaviest here for the last few weeks.
It’s clear that the excessive demand we saw 4-6 weeks ago has eased off a bit. Sales numbers remain at extremely high levels, but supply is building as we are in the midst of a strong listing season.
Seller’s remain in control, but they must be realistic to be successful. At the same time there are opportunities for buyers…but the most desirable properties are still selling quickly and with continued competition.