Week 6 – Market Update
For the first time since the onset of the COVID-19 pandemic, the Vancouver real estate market was firmly in a seller’s market last week. We were at 2.7 months-of-inventory which is the lowest it’s been since late March 2020 (a number below 4 is typically considered to indicate a seller’s market).
Sales continued to rise last week, going from 219 to 252. Simultaneously, the listing inventory edged lower from 2,748 to 2,717…and new listings went from 328 to 351.
We are seeing elevated levels of demand and shrinking supply in most micro-markets. The most competitive markets in the last week were the condo markets across the city (East Van, Westide and even downtown), the East Van townhouse market as well as houses (even Westside houses are seeing signs of life but are not yet in a buyer’s market).
The weakest micro-markets were for Westside and downtown townhouses. Sales fell on the Westside from 13 back down to just 7 (although there were a couple of big sales in there) and there’s only been one sale of a townhouse downtown in the last 3 weeks.
It continues to be a very challenging market for buyers. We should begin to see more supply come on to the market in the coming months. It will be interesting to see if demand continues to consume that supply quickly…which I believe will happen so long as interest rates remain as low as they are.