The past week of the Vancouver real estate market (Week 4 - January 23rd - 29th, 2022) was a busy one. Activity on all fronts continued to ramp upwards.
Sales increased to 224 (from 179). This marks the first time that sales breached the 200 level in 2022.
New listings jumped to 394 (from 370)...but Total Active Listings stayed flat at 2,324.
We continue to find ourselves deeply in a Seller's Market. Months-of-Inventory dropped from 3.25 down to just 2.59...numbers we haven't seen since back in April 2021.
Condos and Townhouses throughout the city are seeing immense demand...and little inventory. East Vancouver leads once more with condos there with just 1.53 MOI and townhouses 1.79 MOI.
Even Downtown condos have joined the party with 2.19 MOI.
The weakest sub-market is Westside Houses once again. While sales increased (18 from 13) and the MOI did decline, it continues to be in a Buyer's Market with 6.86 MOI.
Where to from here?
Without significantly more inventory, little will change. Demand is extraordinarily strong for so early in the year...and that combination means that there is upward pressure on prices.
Great news if you are thinking of selling...but a very tough market to be a buyer in.
Vancouver West (Westside)
East Vancouver (East Van)