Week 30 – Market Update
The keyword of the week is consistency. For the most part, the pattern established over the course of the last month has held fairly firm for the Vancouver real estate market.
Sales are hovering at similar levels across the city for just about all housing types. At the same time, we are seeing inventory levels increase but not alarmingly.
The most significant strength is still seen in East Vancouver houses where this past week saw 50% of sales over the asking price.
Vancouver West (Westside)
Westside detached homes had another week of steady sales. Meanwhile, listing inventory rose but new listings did not flood the market. With the median price exceeding the average price for the first time this year, it indicates that for this particular week there was significantly more sales activity at the lower end of the price scale.
Meanwhile, Westside Apartments had their strongest week of the year with 49 sales (the previous high was 44). Inventory still rose but only marginally (up by 5). Townhouses also saw a decent week of sales (falling slightly from the week before), but their inventory rose a bit more significantly.
East Vancouver (Eastside)
East Vancouver is once again seeing the highest activity levels this past week. House sales have been sliding very slightly over the course of the past three weeks, but competition is fierce with 50% of sales selling over the asking price. With that much interest, inventory levels have been fairly flat over the last month.
Apartments in East Vancouver are seeing inventory levels climb a little more. After a number of weeks of consistent growth in sales, the last week saw this number drop slightly. Townhouses in East Van meanwhile saw sales increase along with inventory levels.
Condos in Downtown Vancouver have had very consistent sales for the last three weeks. Those listings that are selling are selling very quickly (just 17 days this past week). At the same time this market segment is seeing the fastest increase in inventory levels in the last month (from 811 to 1002).
For the first time this year, there were more than 2 Townhouse sales in Downtown Vancouver (3). The result was that inventory levels dropped slightly for the first time in a month.
For the most part, the market held the ground it gained in recent weeks this past week. Sales remain consistent. Inventory levels are increasing but at typical rates.
It’s clear that there are some winners in the current market. Specifically, East Vancouver houses and Westside apartments. It should also be noted that the Westside detached market is seeing strong activity at lower price points.
After a few weeks of improvement off of mid-April lows, we’ve now had a couple of weeks of a “steady” market. I wonder if we may be stalling here…which would be normal for mid-summer.
I suspect with the approach of August and final summer vacations that we won’t see the market continue to improve…at least until after people return from their summer vacations in mid-September.