For the last month, we've been bouncing from week to week. One week there's an increase in activity, the next it falls. While overall activity has been subdued, we've been consistently inconsistent in direction.
This past week continues that trend. After the previous week where we saw a dramatic drop, things suddenly look more positive once again. While our overall market is still in balanced territory (4.23 MOI) sales jumped from 194 to 224.
At the same time, new listings fell for the second week in a row to 293 (from 330). And also for the second week in a row, active listings dropped to 3,792 from 3,857. That's the biggest drop in inventory on the market that we've seen since February of this year.
Every sub-market but one strengthened this past week. The biggest improvements were in East Van townhouses (2.28 MOI from 3.98), East Van houses (3.42 MOI from 5.06) and...wait for it...Westside houses (7.83 MOI from 10.44). All sub-markets outside of the downtown core (excepte Westside houses) were in a seller's market.
While Westside houses saw some of the most improvement in the last week, it is still the weakest sub-market. The hottest was East Van townhouses.
The question is, where do things go from here?
It's likely that we will see new listings continue to dwindle. But what about demand? I believe it will likely drop (as it usually does) through August...but once the core of the summer is behind us look out!
Vancouver West (Westside)