Week 49 – Market Update
After dipping below the 200 Sales/week level for a couple weeks, this past week held over that benchmark for the third consecutive week. It appears that we are heading into the end of the year with a bang rather than a whimper as overall demand remains impressive.
We often see a steeper drop in Total Active Listings in the weeks that straddle the end of the month. This past week was no exception to this rule as Total Active Listings (supply) continued to drop heading into the final weeks of the year.
We are seeing most Vancouver micro-markets in Balanced Market territory. However the hottest segments were primarily on the Westside where both houses and apartments had a very good week…both close to their highs (in terms of sales) for the year. Meanwhile, townhouses/duplexes took a bit of a breather as sales in this segment took a significant dip.
I’m surprised with how much demand we are continuing to see late into the year. It’s likely we will see a more significant pause in this activity after next week for the holidays…but I believe we are likely to see this unusually high-level of activity continue into next year.
Vancouver West (Westside)
East Vancouver (Eastside)