Both sales and new listings dipped this past week. Is it the start of the holiday season, or just a one-off? That's the question.
In the last six weeks, the sales numbers have been strong. However, one strong week has typically been followed by a weak week. This week may just be a continuation of that pattern...maybe.
Whatever the case, the sales number is still strong for this time of year (218 vs 240 in the previous week). We remain over the 200 sale threshold (where we've remained for the last 2.5 months).
New listings dropped dramatically from 352 to just 279. It looks like that number last week may have just been a flash in the pan. It's likely that we will see the new listing number continue to dwindle into the coming weeks.
Interestingly, total active listings rose (from 3,159 to 3,206). That's the first rise in listings in the last two months...although it wasn't significant, it is notable.
Our market remains in a seller's market with 3.68 months of inventory (up from 3.29). Condos remain hot, especially East Vancouver condos (2.13 MOI)
The mantle of slowest sub-market changed hands for the first time this year. Westside houses have hung onto that title quite consistently. This week, however, East Van houses took on that tile with 6.67 MOI primarily due to a big drop in sales (from 33 to 15).
While it's something to watch, I don't believe that will last. It's likely purely coincidental. Anecdotally, I'm finding a lot of action still on East Van houses (plenty of showings and multiple offers).
Vancouver West (Westside)
East Vancouver (East Van)