In the last week (Week 39 - September 19th - 25th, 2021) we had a bit of a surprise in the Vancouver real estate market. The last couple weeks saw a very consistent increase in activity across the board. However, this past week gave us a bit of a surprise.
Sales continued to ramp up, reaching 240 in the past week (up from 218 in the previous week). That's the highest number of sales that we've had in Vancouver since way back in Week 25 (mid-June).
The surprise of the week was that new listings dropped quite significantly. We went from 440 last week (and 492 the week before) down to just 339...at a time where we usually see listing inventory build.
With that increase in demand and the drop in new listings we ended up with overall active listings falling slightly to 3,598 (down from 3,616). For the first time in a month we moved well into an overall seller's market with just 3.75 MOI.
Every sub-market (with two exceptions) was in a seller's market in the past week. The hottest sub-market continued to be East Van condos (2.2 MOI) as well as East Van townhouses (2.5 MOI). The weakest was once again Westside houses with 13.32 MOI (the 4th week in a row it weakened).
It's clear that this is an active fall market. However, buyers are finding themselves frustrated at the amount of competition as well as the lack of choice they are currently finding in the market...particularly at "affordable" price points throughout the city.