Week 43 – Market Update
As suspected, last week’s (relative) pause in sales was an anomaly. One which we can more than likely attribute to the Thanksgiving Day long weekend.
This past week, the general trends we’ve seen in recent weeks continued. Sales returned to well above 200 (228 from 193 the week before). We also had new listings continue to decline, although at a much slower pace (down from 401 to 390). Total active listings fell slightly to 4,210 from 4, 222 the week before…returning us to the lower end of a Balanced Market with 4.62 months of inventory.
The hottest market segment this past week was Townhouses with months of inventory in Seller’s Market territory at just 3.39. This was mostly in East Vancouver where sales jumped from just 11 last week to 24 this week. Houses were also VERY active with overall months of inventory also in Seller’s Markert at 3.86. Once again, this was led with East Vancouver where sales bumped from 25 the previous week to 43 this past week (Westside was also up from 25 to 30).
If there’s was a laggard in the past week, it was East Van apartments. Sales were down from 43 to 31.
We should continue to see New Listings slow in the coming weeks. It’s looking as though demand is remaining solid for now, so the overall listing count should continue to decline. That is, until we get too close to the holiday season and people’s attention turns to family, shopping and holiday plans….but that’s not for another 3 – 4 weeks.
Vancouver West (Westside)
East Vancouver (Eastside)