Are you a frustrated buyer in Vancouver's real estate market?
You aren't alone!
This past week's numbers reinforce the experience of many out there right now. Demand exists but it's the supply that isn't co-operating...remaining unseasonably low.
Yes, new listings did actually rise in the last week. Going from 339 to 362. But that is just a trickle of new listings at what is normally our second busiest listing season (next to the Spring Market).
And sales did edge SLIGHTLY lower (from 240 to 230). But again, we are well above the 200-sale threshold...and I would suggest that this number would be higher IF buyers actually had inventory to choose from!
Overall, our market (for the second week in a row) is in a Seller's Market (3.8 months-of-inventory). East Van and Westside townhouses led the strength with 2.39 and 2.86 MOI respectively. Condos also continued strong Seller's Markets throughout the city.
On the weak side Westside houses (6.57 MOI) didn't relinquish the crown it's been carrying for months. However, that market did show the biggest jump in increased demand (from 14 to 27 sales).
Without a significant increase in listings coming onto the market, it will continue to be a frustrating experience for home buyers in Vancouver. Even more significant, there will be relentless upward pressure on prices...especially in the condo and townhouse markets.
Vancouver West (Westside)
East Vancouver (Eastside)