There was a distinct change of tone in the last week.
Recently, we were seeing a steady rise in demand while supply shrank. The market softened a little in the last week. New listings rose while sales dropped and we moved closer to a balanced market overall.
There were 218 sales in the last week, down from 248. This was the lowest number of sales we've had in the last month.
Meanwhile, new listings rose from 327 to 344...just the second week in a row that new listings increased...but that pushed total active listings slightly higher to 3,452 (from 3,446.
After a month of being in an overall seller's market the months-of-inventory rose to 3.96. That's still a seller's market but it's right on the edge of being balanced.
The hottest sub-markets continue to be East Van condos (2.13 MOI) and townhouses (2 MOI). Westside houses are the slowest (7.63 MOI) but it was Downtown condos that saw the biggest change...going from 4.12 MOI to 5.46 with a drop in sales from 57 to 44.