The story this week returns to a recurring theme; a lack of inventory.
Sales rose sharply to 269 (from 224). We'd been flirting with numbers at the lower end of the 200s. This is just the second time we've had sales this high in the last 3 months.
New listings fel to 253 (from 307). That's the lowest number of new listings we've had in the last 3 months...and it's likely a number that we'll see continue to drop in the coming weeks as the holidays approach.
Total active listings fell to 3,064 (from 3,175). That's the lowest we've had supply since way back in mid-March of this year.
With demand rising, and suppply dropping we movd further into a seller's market. Months-of-inventory dropped to 2.85 from 3.54.
East Vancouver remains the hot-point of our market. This week, it was led by East Van townhouses with just 1.54 MOI. Followed closely by EV condos (2.1 MOI) and EV houses (2.51 MOI).
The sharpest move was made downtown. The downtown condo market wasn't the strongest market, but it did make massive improvements moving from an MOI of 4.43 to 2.39.
Once again, the only market to be in a buyer's market is Westside houses (8.25 MOI). While nearly every sub-market moved further into seller's markets, this one moved substantially weaker.
I expect overall supply to continue to dwindle. Sales are likely to follow in the next week or two...but there is definitely an underlying demand. The imbalance between supply and demand is only likely to intensify.
Vancouver West (Westside)
East Vancouver (East Van)