Week 46 – Market Update
The market continued to cool off in the past week. For the 4th week out of the last 5, sales fell…but only slightly. This past week sales dropped to 183 from 189. Meanwhile, active listings also fell to 4,022 from 4,068.
The biggest change was that New Listings dropped significantly from 361 to 285. New Listings were dropping for the last six weeks or so, but we saw a bump up in those numbers in the previous week. That last week appears to have been an anomoly and the seasonal trend continued.
Overall, the market has been bouncing between the low end of a balanced market to the high end. This past week we find ourselves closer to a buyer’s market…pushed there primarily by weakness in the downtown condo market. Townhouses are once again in a seller’s market, while East Vancouver houses had another strong week.
Once again, it bears repeating that this “slowing” of the market is normal for this time of year. It’s a seasonal pattern that sales and new listings peter out as we get closer to the end of the year…the market is still very busy in particular market segments (eg 60% of East Van house sales sold over asking).
Vancouver West (Westside)
East Vancouver (Eastside)