Weekly Vancouver Real Estate Update - Week 23
What's to know about the last week in Vancouver real estate (Week 23 - May 29th - June 5th, 2021)?
Overall, activity levels increased....as we predicted. Once the May long weekend impact receded, market activity returned.
Sales were up for just the SECOND time in the last TWO months!?!?!?! Sounds crazy for the "hot" market that we've found ourselves in, but it's true!
Sales went from 239 in the previous week to 282 this week.
New listings rose from 433 to 488. That was the first time in a month that new listings increased.
Our listing inventory edged higher (barely) from 3,887 to 3,893 and that meant that our months-of-inventory fell to 3.45.
That's significant in that the previous week we'd found ourselves in a balanced market for the first time since mid-January. It was short-lived as we returned quickly to a seller's market.
The hottest micro-market was East Van condos. After a couple of slower weeks, that market bounced back to a MOI of just 1.81...the only micro-market to get under 2 MOI.
Other markets that saw big improvements week-to-week included Westside houses (going from 8.89 to 5.06 MOI) as well as East Van houses (from 5.52 MOI to 3.6).
My theory that detached homes would be most affected by the May long weekend proved correct as well.
Both East Van and Westside townhouse markets weakened week-to-week. East Van going from 2.9 to 3.83 MOI and Westside from 2.65 to 4.46....but downtown condos also slowed (from 3.69 to 4.46 MOI).
We should see all markets edge a little more towards balanced territory in the coming weeks. It's likely that listings will begin to slow down faster than sales, though...and prices will continue to be pushed higher.
Vancouver West (Westside)
East Vancouver (Eastside)