Week 24 – Market Update
This past week in the Vancouver real estate market was generally flat, with marginal signs of improvement. The general trend is that sales are increasing modestly along with total active listings.
For the most part, it would appear that we’ve found a balance between buyers and sellers. Vancouver West (Westside)
The Westside showed the most consistent improvement week to week. Across the board, the Vancouver West market got better whether that was houses, apartments or townhouses…but only marginally so.
Sales rose in all three categories. Total listings increased, but only slightly (normal at this time of year) and days on market (DOM) either held firm or fell.
East Vancouver (Eastside)
This past week we saw improvements in the East Vancouver market. Most notably, in houses where sales increased while DOM (days on market) fell significantly.
Houses and Apartments improved marginally, but East Vancouver townhouses saw a reversal of last week’s improvements.
Downtown Vancouver wasn’t a hotspot.
Condos in the downtown core saw lacklustre demand in the past week. Sales slid, DOM increased slightly and total listings also increased.
The widening gap between average and median sales also indicate that a few high-end sales took place.
Overall, there were improvements in the Vancouver real estate market this past week. Generally, sales increased modestly. Listings rose and DOM fell.
I don’t expect that this pattern will shift in the coming weeks. We are likely to see continued marginal improvements as life continues to become a little bit more normal.