The Vancouver real estate market is definitely seeing a holiday effect. Activity levels were subdued across the board.
Sales dipped slightly to 192 from 200.
New listings also fell to 187 (from 213). That's the first ime we've fallen below 200 new listings since the same time LAST year.
Active listings dropped to 2,651...the lowest level the city has seen since Week 2.
Despite this drop in activity we remain in Seller's Market with 3.45 MOI. In fact, we moved even further into a Seller's Market from 3.52 MOI the week before.
The hottest sub-markets remain East Van townhouses and condos. This week it's EV townhouses retaking the lead with 1.74 MOI on the back of an increase in sales from 14 to 18.
The weakest sub-market continues to be Westside houses with 5.91 MOI. However, that's a massive improvement over the 8.26 MOI from the previous week. In fact, it moves Westside houses into a balanced market for the first time in 2 months.
The next two weeks should see the market activity fall even more dramatically. I don't expect that to change until New Year's is behind us...but given how active things have been lately I suspect activity levels will ramp up very quickly.