Weekly Vancouver Real Estate Update - Week 20
After some recent signs of weakness, the last week indicated some signs of strength returning to Vancouver’s real estate market.
Specifically, sales rose while new listings dropped. The result? Our months-of-inventory dropped below 3 once again…indicating a strong overall seller’s market in Vancouver.
After sales peaked back on March 27th, we’d been steadily drifting lower. This past week was the first increase in sales we’ve seen in the last month (going from 299 to 318).
New listings feel for the first time in three weeks (from 578 to 555). That put overall active listings on the market at 3,792. Listings were up only slightly from 3,721 in the previous week.
The hottest micro-market remains East Vancouver condos. It’s the only micro-market below 2 months-of-inventory.
Sales there have remained very steady (mid-50s) for the last couple months. The difference to some other micro-markets is that supply has been very limited.
Other strong micro-markets include Westside condos and townhouses.
Detached homes are where opportunity exists for buyers. Particularly on the Westside where MOI dropped into a balanced market for the first time since mid-January (6.14 MOI).
And yet, all micro-markets are seeing a significant number of over-asking price sales. Indicating an undercurrent of significant demand. The best listings across the city for all property types are selling quickly.
City of Vancouver – Weekly Vancouver Real Estate Market Update – Week 20 (May 15th, 2021)