Week 38 – Market Update
The Vancouver real estate market saw higher activity levels continue in Week 38 (September 13th – September 19th, 2020). We had one quieter week for sales in the previous week, but that did not become a trend.
In fact, sales numbers hovered just below the highs for the year hitting 219 (previous week was 188). Meanwhile, overall listing numbers continue to grow. 467 new listings bumped up the overall listing count to a high of 4130 for 2020.
You can see by that blue line in the chart above, that the trend for the Months of Inventory has been lower over the last couple of months (generally, from the top left to the bottom right)…indicating an increasing seller’s market and a market that is getting stronger.
Diving into the specific micro-markets, given the overall trend it’s not surprising to see most markets performing very well. The strongest markets appear to be East Vancouver houses and townhouses and Westside townhouses…there was even a big jump in sales of Downtown condos.
The weakest market in the past week was Westside houses. It was a fairly sharp drop in sales this past week falling from a high of 27 last week to just 15 this past week…it’s likely an anomaly, but something to keep an eye on.
We will likely continue to see listings grow in the coming weeks…but I believe that buyers will swallow up this inventory, specifically in the house and townhouse markets.