Another week in the books and another week of the Vancouver real estate market getting stronger and hotter.
What's that mean?
Sales rose to 270 (up from 240), and new listings dropped to 361 (from 408). Total Active Listings climbed slightly to 2,511 from 2,470 the week before.
That's the highest number of sales we've had in the city since way back in May of 2021...and the first time that we've had a DECLINE in New Listings since the beginning of the year.
As you may have guessed, increasing demand (Sales) and declining supply (New Listings) moved us deeper into a Seller's Market. This past week we had 2.33 MOI (dropping from 2.57 the week before).
Every sub-market in Vancouver is a Seller's Market, except one. The hottest sub-markets are condos from one end of the city to the other (1.41 MOI in East Van for example), followed closely by townhouses (1.43 MOI in East Van).
The sub-market that saw the sharpest improvement in the last week was for East Van houses. Sales jumped from 24 to 36 and it moved well into a Seller's Market with just 2.44 MOI (from 3.57).
The weakest sub-market continues to be Westside Houses...it slowed to a MOI of 6.31 (from 4.74)...but even this "weak" market is in a Balanced Market and has shown considerable strength in recent weeks.
This is incredibly "hot" action for so early in the year. I wouldn't expect this to change in the near future...even with expected interest rate hikes on the horizon.
Vancouver West (Westside)
East Vancouver (East Van)