Week 32 – Vancouver Real Estate Week in Review (August 2nd – August 8th, 2020)

Week 32 – Market Update
Overview

After a brief week of respite, inventory levels generally increased this past week once again. Meanwhile, sales numbers dipped…albeit only slightly.

East Vancouver houses continue to be the market hotspot. Sales dipped here from 31 to 27 but 13 were still over-asking price. Westside houses continue to impress with a solid 22 sales (although only 5 were over-asking). Eastside condos had another strong week with 35 sales (up from 34)….while Westside and Downtown condos had lower sales week over week.

This type of market activity is fairly typical of what we often see in late July and August. Sellers were hoping to take advantage of increased buyer activity. But, those buyers are now less focused on real estate and more on taking advantage of the last bit of summer.

It’s likely that we will continue to see this trend continue until mid-September when most families will be back from holiday and will get refocused on real estate…so long as their isn’t a significant second-wave of COVID.

Vancouver West (Westside)

Downtown Vancouver

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