Overall, our market edged a little more into balanced market territory (4.26 MOI) in the last week. We've now been in this position for 4 of the last 5 weeks.
Sales dropped to 234 from 249. That's the lowest number of sales we've had since WAY back in Week 8 which was mid-February.
Listings are also slowing down. This past week we fell to 374 new listings from 436. As with sales, it's we haven't so few new listings coming onto the market since mid-February.
We are finally seeing total active listings decline as well. Not by much (3,989 from 4,000), but it's significant that it's happening at all (it's the first time since Week 9 that we've had decline in total listings).
The hottest micro-market was East Van condos (2.01 MOI). East Van townhouses (2.14 MOI) was a solid runner-up and saw a significant increase in sales week-to-week (14 to 21). Westside townhouses also had a significant increase in sales (22 from 13) resulting in a seller's market as well (2.53 MOI).
On the cooler side, we've been seeing a serious decrease in demand for Westside houses. That market is in a deep buyer's market with just 9.71 MOI. But even East Van houses are seeing a drop in activity finding themselves in a balanced market (5.12 MOI) this past week.
...and so, what does all of this mean? Once more, it's abundantly clear that we are in our summer market. Historically, we don't have as much activity through the summer months as people focus on other things for a few weeks...vacations, the beach, etc.
Given our collective lockdown, I suspect we may see a more significant slowdown in the coming weeks than in the past. However, I don't believe that means a "market crash" or a "bubble bursting". In fact, prices will more than likely continue to rise as we see fewer quality listings come onto the market.
Vancouver West (Westside)
East Vancouver (Eastside)