The story continues to be heightened demand and lower supply...but really, it's all about the supply.
There were just 2,878 active listings last week. That's a significant drop from 3,064 the week before. The last time listings were this low was way back in Week 10 in the first week of March.
New listings came in at just 207. That's the lowest number we've seen in 2021 since Week 1!
Meanwhile, sales dropped to 226 (from 269). Yes, sales dropped but they remain over the 200 bar.
Overall, our market remains in a strong seller's market with just 3.18 months of inventory.
The hottest sub-market this week was East Vancouver apartments. EV condos regained the title off of townhouses/duplexes that slipped in sales this week.
...and it wasn't even close. Condos in East Van were white-hot with just 1.46 MOI. The runner-up was Westside condos with 2.78 MOI.
In fact, every sub-market remained in a seller's market except for one.
It's no surprise...can you guess which one?
Westside houses continue to be the weakest element of the Vancouver real estate market. With just 18 sales this week the months of inventory rose to 8.44.
So, where do we go from here?
We should continue to see a steep decline in new listings over the course of the next few weeks. Those numbers won't pick up again until the New Year.
Sales are less predictable. It appears that we are having sustained buying pressure much later in the year than normal. How much longer will it last before buyers get distracted by the holidays (or too frustrated with the lack of listings)?