In the last week of the Vancouver real estate market, activity continued to ramp up after the holidays.
We saw big jumps in activity levels across the board.
Sales rose to 179 (from 147). New Listings were up to 370 (from 272) and Total Active Listings climbed to 2,324 (from 2,222).
Demand continues to outpace supply, however. We saw the all-important months-of-inventory drop further into a Seller's Market to 3.25 (from 3.78).
The hottest sub-markets continue to be East Vancouver condos (1.58 MOI) and townhouses (1.91 MOI). Followed not to far behind by condos (2.86 MOI) and townhouses (2.17 MOI) on the Westside.
Even downtown condos are seeing a strong start to the year. Sales jumped to 51 last week bring the MOI down to just 3.06.
What's interesting is that the detached market seems to be off to slower start. The Westside house market (after a couple of weeks of strengthening) took a step in the OPPOSITE direction...seeing sales fall (13 down from 18) and falling further into a Buyer's Market.
Even East Vancouver houses saw Sales flatline (just 14 sales this past week as well as last). The MOI edged higher to 5.63 - just remaining in Balanced territory.
However, I believe that the East Van house market is just off to a slow start. I suspect owners (mostly families) are less likely to move up their plans to sell to take advantage of the amount of demand that we have so early in the year.
The fact that both this week and last saw nearly 80% of the sales of East Van houses result in sales over their asking price (with multiple offers) indicates just how much demand there is for these homes right now...buyers are just waiting for the right homes.
In fact, there was one sale this week that had 16 pre-inspections and 26 total offers. It resulted in a sale price of $1,830,000 for a 1,500 sf house on a barely 2,000 sf lot...a little house that was barely renovated.
I've said it before, but I'll say it again...this is going to be a VERY busy Spring.
Vancouver West (Westside)
East Vancouver (East Van)