Weekly Vancouver Real Estate Update - Week 21
Overall market activity slowed as we approached the May long weekend.
It's very normal for long weekend's to impact market acvitiy. We often see both sales and new listings lighten up in the week leading up to major holiday long weekends.
This past week was no exception.
Sales were down to 295 (from 318). This was just the 3rd time in the last 3 months that sales dipped under 300.
New listings dropped below 500 for the first time in 2 months. We fell to 497 from 555 the week before.
Total active listings continued their rise, hitting 3,845. Although, the pace of increase in total listings has slowed in the last few weeks.
We are still well within a seller's market with 3.26 months-of-inventory. The overall trend in the last two months has been toward a balanced market (between 4-6 MOI) as listing inventory has built up.
The hottest market in the last week was Westside townhouses at 2.06 MOI. East Van condos continue to be a pocket of strength with just 2.12 MOI.
Westside houses fell back into a balanced market (5.94 MOI) but are one of the sub-markets most affected by increasing inventory...as is downtown condos now with 3.93 MOI.
I expect next week we will see activity levels increase, particularly new listings that were put on hold until after the holiday.