Week 33 – Market Update
For a second week, sales were subdued and listings increased.
The recovery in activity levels from the lows we saw in April appear to have stalled in July. August so far, has been a more typical summer month. A month where the market takes a breather along with Vancouverites.
Notably this past week, East Van houses did not lead the market. Sales saw a significant drop (from 27 to 21) and listings jumped (from 428 to 451). Sales over the asking price also dropped from 13 to just 5.
Strength continued for Westside houses, though. As well as apartments on the Westside…and not a bad showing for downtown Vancouver apartments either. These segments saw sales hold steady over the last week and listings only rise marginally.
It’s more than likely that the market will continue to drift in the coming weeks. We are in the midst of the last weeks of summer, and it’s very common for people’s focus to turn to vacations and preparations for a return to school.
Vancouver West (Westside)
East Vancouver (Eastside)