Week 2 – Market Update
We had an overall (marginal) increase in activity in the last week. Sales climbed from 105 to 125 and listings went from 2,517 to 2,588. These are both low numbers, but to be expected at this time of year.
The one number that saw a significant increase was of new listings. These hit 288 in the last week which is a number we haven’t seen since the first week of November, 2020 (Week 45).
That level of new listings is pretty significant for so early in the year…but it’s notable that total active listings hardly increased (meaning we likely saw a higher than normal number of listings get removed from the MLS last week).
The only micro-market that showed strength last week was East Vancouver Houses where we had 24 sales, 9 of which sold over their asking price. Those numbers are pretty astounding given how quiet much of the rest of the city was.
If you are thinking of selling a house, these numbers indicate that there’s absolutely no reason to wait for later in the spring. There’s significant demand sitting on the sidelines.
While I’m hesitant to call one week, a trend…there has been a faster return to activity than I expected. It’s likely that we will see the market continue to show incremental increases in activity week to week.