Week 3 – Market Update
The last week was another of incremental increases in activity. We saw upticks on all fronts including sales (130 from 125), new listings (331 from 288) and active listings (2,672 from 2,588.
The market remains in balanced territory for most micro-markets. Months of inventory is hovering just over 5 for both townhouses and apartments. However, houses are tipping slightly into a seller’s market.
It’s the East Vancouver side that’s carrying the load, though. East Van houses are once again the hottest micro-market (
Downtown Vancouver is also seeing signs of increased activity. While condos are still well in a buyer’s market, it’s held up well over the last few weeks. Some optimism appears to be returning in this market that has been hardest hit by the pandemic.
It should also be noted that downtown townhouses had their best week in the last year…with 4 sales and just 38 active listings. That’s a strong seller’s market, but we’ll need to see if that boom was just a flash in the pan.
The overall activity levels are higher than usual for this time of year. That leads me to believe that this is going to be a very busy spring market for Vancouver…if you are looking to buy, acting sooner rather than later will avoid too much competition.
Vancouver West (Westside)
East Vancouver (Eastside)