Week 47 – Market Update
Well…this is interesting.
New listings and total active listings continued to fall this past week. That was expected and in line with the trend of the last few weeks.
What deviated from the trend was the number of sales. After three straight weeks of declining numbers, I was lulled into the certainty of our annual pattern. And then….we had a huge week for sales jumping from 183 in the previous week to 231 this past week.
A number of micro-markets had sales at or close to highs for the year. It was a dramatic turn from the previous week for many. The hottest micro-markets were East Van/Westside condos as well as East Van/Westside houses…while Westside townhouses was the only one to really have a bad week.
So…will this continue? I believe not.
I suspect that the strength in the last week was likely due to some delayed demand from previous weeks. While buyers may still WANT to purchase in the coming weeks, they won’t be able to.
New listings will continue to drop in the coming weeks. Buyer’s options will diminish and they just won’t be able to find the properties that they want to buy.
…but this may be an indication of how much demand there is in our market…and if it continues, we may be in for an exciting spring.
Vancouver West (Westside)
East Vancouver (Eastside)