Week 50 – Market Update
As expected, overall activity levels are falling as we get closer to the holidays. Vancouver saw sales dip just under 200 units in the past week (at 197). Both new listings (202) and total active listings (3,419) also continued to fall.
Our market remains in a Balanced Market with months of inventory sitting at 4.34. Both houses and apartments saw buyers gain a bit of an upper hand as sales slowed faster than total active listings. This was particularly true on the Westside where both of these micro-markets saw sharper drops in sales than elsewhere.
The two strongest micro-markets in the last week were East Vancouver townhouses and houses. East Van townhouses reached a peak for the year with 27 sales (up from just 9 last week). Meanwhile, East Van houses also had a great week with 32 sales (up from 25 the week before) fully half of which (16) sold over their asking price.
It’s no surprise to see the market slow-down overall at this time of year. What is surprising is just how strong some micro-markets are so late in the year.
I expect to see the next couple of weeks to continue to see lower amounts of activity…it likely won’t be until mid-January before signs of life will return.
Vancouver West (Westside)
East Vancouver (Eastside)