It's the calm before the storm.
As you've heard me say before, the last few weeks of summer are always quiet. It's Vancouver tradition to take time off through August. Spend time in the Okanagan, the Gulf Islands or on Vancouver Island...and away from buying/selling real estate.
Like clockwork, the past week followed that pattern. In general, market activity was subdued...BUT, there are some glimmers of what may be to come.
There were just 189 sales which was down slightly from 197 the week before. We've been flirting with the 200 sale level for the last few weeks...this being the 3rd time in the last 5 weeks under that bar (we were around 300 sales per week when the market was highly active back in the spring).
We did see new listings jump significantly...from 253 up to 330. That's a big jump and an indication of what's likely to come in the coming weeks. BUT, it's still well under the 500-odd new listings we saw hitting the market back in the spring.
We now have 3,306 active listings on the market. And with the current activity we find ourselves in an overall balanced market with 4.37 MOI.
Most of Vancouver was in a seller's market in the last week. Suprising given the low amounts of activity. What pushed the average into a balanced market was just how week (although improving) the Westside house market is with 8.86 MOI (solidly in a buyer's market).
The hottest market segments are Westside townhouses (3.33 MOI), East Van townhouses (2.29 MOI) and East Van condos (3.6 MOI)...followed closely by East Van houses (3.84 MOI).
We will likely see lower activity levels in the coming weeks...but after next week (the week with the Labour Day long weekend) it's likely that those levels will ramp up. Particularly, I expect that we'll see many more new listings hit the market...and if the amount of demand that we've seen in recent weeks is any indication that supply will likely be well-received.
Vancouver West (Westside)
East Vancouver (Eastside)