The last week saw the general trend of heightened demand and limited supply continue.
There were 240 sales in Vancouver (up slightly from 231). For the most part, we've been bouncing around in the mid-200s for weekly sales throughout the fall. No change there.
It was the number of New Listings that was a bit of a surprise. After languishing for much of the last couple of months we saw a big uptick going from 302 to 352. That's the most we've seen in the last 5 weeks.
And yet, Total Active Listings fell once again. We hit 3,159 (down from 3,255). That's the lowest number of active listings since WAY back at the end of March 2021.
We continue to find ourselves in a Seller's Market. This past week we dropped to 3.29 MOI. In the last 3 months, the two lowest MOI (indicating a Seller's Market) were in the last 3 weeks.
The hottest sub-markets were East Van condos (2.02 MOI) and East Van houses (2.95 MOI). The EV condos have consistently led our market for many months...but EV houses are returning to contention after hovering closer to a Balanced Market for weeks.
The usual seasonal pattern in our market is for new listings to drop off mid-November. After all, who wants to sell their home in the middle of the holiday season? We SHOULD see new listings fall off...but who knows, perhaps seller's are seeing an opportunity to meet demand.
Whatever the case, demand remains high so I expect any inventory that comes onto the market will quickly be bought up...keeping inventory levels low and upward pressure on price.
Vancouver West (Westside)
East Vancouver (East Van)