What happened in the Vancouver real estate market in the last week (Week 28 - July 3rd - 10th, 2021)?
After a significant dip in all market activity the week before, we saw a bit of a resurgence. It was the first time in more than a month (5 weeks) that the market moved more towards a seller's market.
We find ourselves in an overall balanced market with 4.27 MOI (from 5.32 MOI).
Sales rose to 227 after dipping down to 181 the week before. That's also the first significant increase in sales in the last month. New listings also propelled higher with 399 way up from 263 the week before.
Condos on the Westside took the crown for the hottest micro-market in the past week. They were in a seller's market with 2.92 MOI. East Van condos weren't far behind with 3.12 MOI...and even downtown condos had a great week (the 60 sales moved them to 4.12 MOI).
While westside houses led on the downside with 8.17 MOI, it was a big improvement from the previous week. The micro-market that had the biggest downward swing in activity was East Van townhouses that fell from a seller's market just into a balanced market with 4.09 MOI.
In my opinion, the increase in activity in the last week came out of the previous week's long-weekend. As I've noted before, the week before and after a long-weekend tends to subdue market activity...and once that effect is behind us, we tend to see market activity snap back.
Vancouver West (Westside)
East Vancouver (Eastside)