After a brief uptick in our market in Week 28, the last week returned to a summer theme. Activity in our market continues to slow as Vancouverites attention turns towards sun, sand and vacations.
In the last week sales dipped to 194 from 227. This was just the second time we saw sales fall below 200 since January of this year (and the second time in the last three weeks). New listings also fell to 330 from 399...pushing total active listings down slighly to 3,857 from 3,875.
The result is that our market find itself squarely in a balanced market with 4.97 months-of-inventory (MOI). That means that neither buyers nor sellers are at an advantage at the moment.
One market is still hot, and that's East Vancouver condos. That market was the only one to see an increase in sales in the last week (38 from 32). And, it's the only market to be fully in seller's market territory (2.56 MOI).
Every other market in Vancouver is balanced....except one. If you've been following the market for the last few months I'm sure that you can guess which one. It's Westside houses. That market is a buyer's market with 10.44 MOI.
We will likely continue to see low activity levels in the weeks a head. I don't foresee a big change until well into September when summer ends and life returns to normal.
If you are looking to buy, even though pickings are slim, this may be an opportunity to secure a home without excessive competition. I suspect it will be a busy fall!
Vancouver West (Westside)
East Vancouver (Eastside)