We've been getting a little whip-sawed by the market in recent weeks.
One week things are looking up, and the very next they don't. Consistent, strong trends are lacking at the moment.
This past week was a down week (after the previous week looked very promising).
Sales fell from 282 to 246. New listings dropped slightly from 488 to 480 and total active listings increased to 3,948 (from 3,893). Overall, the market edged into balanced territory going from 3.45 months-of-inventory to 4.01.
The biggest improvement in the last week was for townhouses both on the Westside and in East Van. East Van had 19 sales and moved from 3.83 MOI to 2.3. On the Westside there were also 19 sales that moved MOI from 4.46 to 2.91.
East Van condos didn't improve but they also remained in a seller's market. This has consistently been the strongest market but it was edged out slightly this past week with 2.31 MOI (and 42 sales).
The greatest weakness was once again for houses. This market is where we have seen the most up-and-down inconsistency in the last month. One week has stellar numbers, and then the next there's a big drop in sales.
East Van houses saw sales fall from 47 to 33. Listings rose from 677 to 693...and that meant MOI increased from 3.6 to 5.25. That's the second time in the last two weeks that MOI moved into a balanced market.
Meanwhile, on the Westside sales fell from 37 to 29. Listings were flat at 749. But, MOI increased to 6.46. That's the 3rd time in the last 5 weeks that this market fell back into a buyer's market.
I believe that we are likely to see this inconsistency in the market continue. It's very clear that the peak of the spring market is behind us and we will likely see activity levels stay lower through the summer months.