Week 4 – Market Update
One month into 2021 and our real estate market continues to increase in activity. We are seeing that activity rise on all fronts including sales, new listings and total active listings.
So far, demand is outpacing supply. This is demonstrated by the months-of-inventory dropping in every consecutive week. This past week we find ourselves hovering at 4.1 months-of-inventory which is just at the edge of a seller’s market.
The hottest micro-market in the past week was East Vancouver townhouses. Sales jumped from 7 in the previous week to 23 last week (sales for this micro-market only reached >20 3 times in 2020).
Downtown apartments also continue to see increasing levels of activity. Both sales and new listings are indicating that buyers are returning to this market that was hardest hit by the pandemic. So far, it looks as though bargain hunters are the dominant buyers…but it looks as though this micro-market is one to watch.
East Vancouver houses had a quieter week with just 19 sales. The fact that over-asking sales remain high, DOM for sales and the overall listing count remain low leads me to believe that this is a short-lived phenomenon.
This is turning into a very busy start to 2021. Demand appears to be significantly higher than normal for this time of year. Yet, opportunities for both buyers and sellers exist…it’s a complex market to navigate.
Vancouver West (Westside)
East Vancouver (Eastside)