There are no surprises with the last week of the Vancouver real estate market. As expected, the holiday season is having a significant impact on market activity.
Every measure of the market has slowed dramatically in recent weeks...which is VERY normal for this time of year.
Sales dropped to 156 from 192. New listings caved to 66 from 187...and total active listings fell to 2,465 from 2,651.
Overall, we are STILL in a seller's market with 3.95 MOI (up from 3.45).
Unsurprisingly, nearly every sub-market weakened. Many dropped into a balanced market territory (East Van houses, Westside townhouses).
The hottest sub-market was East Van condos with 2.38 MOI. Although, an honorable mention to downtown condos for being the only sub-market to see an IMPROVEMENT in the last week (3.92 MOI from 4.15).
...and only one sub-market was in a buyer's market...no surprise there...as it's Westside houses (7.18 MOI).
The fact that sales have remained stronger in relative terms (vs the sharp drop in new listings) and that we remain in a seller's market at this, the slowest time of year, indicates to me the overall strength of this market.
We have one more traditionally weak week a head of us. The numbers will likely fall a little further through that week and then begin to turn.
What I'm seeing here and now indicates to me that we are going to have a very active start to the year.
Vancouver West (Westside)
East Vancouver (East Van)