After a few weeks of gently moving towards a balanced market, our market moved more significantly into a balanced market. Market activity dropped significantly in the last week, across the board...partially due to the onset of summer but most importantly yet another long-weekend.
Sales dropped to 181 from 234. That's the lowest we've seen demand since the beginning of the year...way back in late-January 2021.
263 new listings in the last week (down from 374) is the lowest number of new listings we've seen all year...and overall, total active listings fell from 3,989 to 3,855. After seeing listings rise steadily for months, that's the 3rd week in a row that inventory levels have dropped.
East Van condos remain the strongest micro-market with just 2.25 MOI. East Van Townhouses were the only other micro-market still in a seller's market with 3.33 MOI.
If there's one thing to be said about the westside house market it's that it's been quite consistent the last few months. Unfotunately, it's consistently the weakest micro-market. This past week it dropped from 9.71 MOI to 11.1 MOI...a very strong buyer's market.
The tenure of the market has shifted significantly in the last few weeks. We are no longer in a heated seller's market. Opportunity exists in many of the micro-markets for buyers who have been sitting on the sidelines.
As I mentioned in previous weeks, this shift is fairly normal at this time of year. It's more pronounced this year because of how hot the spring market was (and I also believe because of our world opening up more), and the long weekend...but we always see activity drop at this time.
The coming weeks will most likely continue to slow, but I don't see this as the beginning of a correction. I expect we will likely see market activity rebound once the summer is over...so don't sit on the sidelines too long.