Here's your update for the final week of 2021 in Vancouver real estate.
Unsurprisingly, this was a VERY quiet week. Traditionally, the week between Christmas and New Year's Day is the sleepiest of the year...and this week was no different.
There were just 48 sales in the last week. That's a low for the year, by FAR. The NEXT lowest number was 105 in Week 1 of the year.
At the same time there were just 37 new listings. Again, this is a low for the year...but a less dramatic one. The NEXT lowest number was 45, also in Week 1.
Total active listings dropped to 2,118. That's another low for the year, over 16% below the 2,465 low reached LAST week.
The result of all this inactivity is that we find ourselves in a BUYER'S MARKET for the first time in 2021 with 11.03 MOI (shooting up from 3.95).
Is this the beginning of a collapse in our market? Absolutley NOT. This is just a regular seasonal pattern. The most extreme one that we usually see.
No market could have been considered "hot" last week, but some held up better than others. Specifically, East Van condos (5.15 MOI) and townhouses (3.36 MOI).
The weakest sub-markets were for houses across the city...which makes sense if you consider that that more families would be involved in these transactions.
What can we expect in the coming weeks?
We don't normally see activity levels jump suddenly in the first week of January. There is usually a slow increase in activity week after week as we move through the month.
I believe that there's a greater undercurrent of demand than these numbers currently indicate. There's just nothing available for these eager buyers to buy....and by all acounts the next few weeks are not likely to see this improve.
Vancouver West (Westside)
East Vancouver (East Van)