Our recent trend continued in the last week of Vancouver real estate. Demand was strong and supply continued to shrink.
Sales did drop from 267 to 231. However, we remain well above the 200 mark...as we have now for the seventh straight week.
New listings, meanwhile, continue to trend lower. There were 302 new listings in the last week which was down from 321. Total listings also dropped to 3,255 from 3,384. That's the lowest number of active listings we've had since mid-August.
Overall, our market is in a seller's market with 3.52 MOI (up from 3.17 MOI in the previous week). All sub-markets EXCEPT westside houses found themselves still in a seller's market.
The westside house market is the only sub-market in buyer's market territory. This past week it was 6.32 MOI (up from 4.86). East Vancouver townhouses (1.63 MOI) and condos (2.14 MOI) were the hottest.
This remains a "hot" market with seller's mostly in control. The most activity continues to be in the more "affordable" price segments...and it continues to be a frustrating market for buyers.
Vancouver West (Westside)
East Vancouver (East Van)