Week 40 – Market Update
Last week the market hovered just above Seller’s Market territory. This past week, sales slowed a little (down by about 10% to 224 from a 2020 high of 249) while new listings continued to rise (up to a 2020 high of 481 from 479). That meant we went from 4.18 months of inventory to 4.62…a solidly Balanced Market number.
And yet, the market isn’t uniform. We are seeing the most strength in East Vancouver where we’ve been in a Seller’s Market for the last 7 weeks…especially detached (houses) as well as apartments. The Westside market is a little slower, but the slowest market continues to be Downtown where both condos and townhouses are solidly in Buyer’s Market territory.
Once again, if you are looking for bargains in this market you need to be looking Downtown. That’s an area that has lost it’s allure through the pandemic, but it’s likely to come roaring back once we are able to make everyone feel safe.
I expect that we will continue to see higher than normal activity levels for this time of year for at least a few more weeks.