I'd characterize the last week of the Vancouver real estate market as stable.
Sales rose slightly from 246 to 249. This was the third week in the last four that sales in Vancouver remained below 250 (and the sixth of the last eight below 300).
New listings coming onto the market are slowing. We had 436 this past week which was down from 480 in the previous week. That's also just the second time in the last three months that new listings came in below 450.
The result was that overall listing inventory edged higher to 4,000. Listings have been increasing consistently over the course of the last couple of month...but the pace of that increase has been slowing in recent weeks.
We find ourselves once again (just barely) in a balanced market with 4.02 months-of-inventory. After being a seller's market for much of the spring, we have been in a balanced market for three of the last four weeks.
Once again the hottest market is for East Van condos. That's a market that has very consistently been a leader in activity for months and is seeing little signs of slowing (this past week it had a scorching 2.26 MOI). Westside condos are also seeing strength with 3.32 MOI.
Westside houses are once again the sub-market showing the greatest weakness. Sales fell from 29 to 25 while listing inventory continues to increase (765 active listings). That moved the MOI deeper into a buyer's market with 7.65 MOI.
While East Van houses have been in balanced market territory for the last couple of weeks, there are signs that this remains a highly competitive sub-market. This week MOI fell from 5.25 to 4.28 (just within balance market territory)...but what continues to indicate strength is the extremely high number of over-asking-price sales. This past week it was 67.5% of all sales....and it's rarely dropped below 50%.
Vancouver West (Westside)
East Vancouver (Eastside)