Weekly Vancouver Real Estate Update - Week 22
The last week saw a significant drop (once again) in all types of market activity.
Sales fell to 239 for the City of Vancouver (down from 295). That's the lowest number of sales that we've seen since way back in mid-February (Week 8).
At the same time, new listings also fell to 433 from 497. That's the lowest number of new listings since Week 9 (late-February) when there were 381 new listings.
I believe that we are seeing the impact of the long weekend. The first significant long weekend as restrictions ease, the world opens up and the weather improves. As I noted last week, it's really typical we see an impact on activity for the week leading into and following a significant long weekend.
This rings true as the micro-markets that are most family-oriented were the hardest hit. Activity dropped the most for houses throughout the city, less so for townhouses and had no real impact on condos.
Westside houses are the weakest segment of the market. Sales fell to 21...in a recurring theme, a number not seen since mid-February...and putting at this market at 8.89 MOI. That's a very solid buyer's market.
With just 19 sales, East Van houses find themselves in a balanced market for the week. MOI hit 5.52.
At the other end of the spectrum, condos across the city remainsed very strong. Sales barely wavered, and even went UP downtown. In fact, the only market to see an increase in sales in the past week was for downtown condos where they went from 60 to 64 sales.
The weakness in houses edged our market (with MOI of 4.07) into a balanced market for the first time since mid-January. But, it's a tale of two distinct markets. All the weakness is really in the detached market. Both townhouses (3.07 MOI) and condos (3.33 MOI) remain seller's markets.
It's possible we are seeing a backing off on detached homes. All markets go in cycles, and it may be that we've passed the peak for detached homes. However, it's too soon to tell.
I believe we are likely to see increasing activity again next week once the impact of the long weekend fades...but we are highly unlikely to return to the levels seen in the previous couple months.
Vancouver West (Westside)
East Vancouver (Eastside)