The trend that started just after Labour Day continued this past week.
Demand increased, while supply dwindled.
That trend broke in the previous week (Week 42), but it looks as though that was just a temporary blip.
Sales increased to 267 (from 218). Since the end of May, that was only the second time that sales were over 250.
New listings declined to 321 (from 344) and total listings fell to 3,384 (from 3,452). That's the lowest number of listings we've had since the beginning of July.
With a week like that, it's no surprise that every sub-market but one was a seller's market (overall, we had just 3.17 MOI). The one exception was for Westside houses...but it was the best week for Westside houses in months (4.86 MOI).
The hottest sub-markets were East Van condos (2.03 MOI) and Westside condos (2.6 MOI). East Van houses had one of their strongest weeks in months as well with just 2.62 MOI (jumping from 27 to 41 sales).
The lack of inventory continues to hamstring our market. It's unlikely that this will change in any significant way until next Spring...so if you are looking to buy, you can expect high levels of competition. If you are selling, you may more buyers than usual as the year winds down.
Vancouver West (Westside)
East Vancouver (East Van)