Week 42 – Market Update
Overall, this last week showed increasing signs of weakness in our market. We are still in Balanced Market territory, but we moved pretty significantly towards (from 4.45 to 5.47) a Buyer’s Market (a buyer’s market is generally agreed to be >6 months of inventory).
Sales fell from 234 to 193. This is just the second time in the last 2.5 months that sales in Vancouver dropped below 200 in a week. While active listings continued to climb, the pace has slowed…and new listings once again fell about 10% to 401 from 441.
In terms of micro-markets, there were some significant shifts from previous weeks. The most surprising is the drop in East Vancouver house activity. With just 25 sales and only 9 over asking, that’s the lowest sales activity seen in this micro-market since Week 33. Eastside condos as well as all of the Westside segments had a relatively strong showing.
I am hesitant to draw too many conclusions from this week, however. This week included the Thanksgiving Day Long Weekend…and overall, long weekends play havoc with comparing weeks. Too many people take time off…both realtors as well as their clients…and this can drastically affect the numbers.
That being said, as we get closer to winter it’s fairly common for new listings to slow down. We will need to watch the coming weeks closely to see if this past week was an anomoly or the start of a trend.