The last week saw the market tighten up once again. We've been seeing unusually high levels of activity since the New Year began, and this past week continued that trend.
Sales rose to 281 from 270. That broke last week's record, once again the highest number of sales we've seen since back in May 2021.
New Listings (after declining last week) jumped to 431 (from 361). Total New Listings continued their consistent climb to 2,580 (from 2,511).
The result was that our market edged further into a Seller's Market with just 2.3 Months-of-Inventory (from 2.33).
The hottest sub-markets continue to be condos throughout Vancouver. Specifically, East Vancouver (1.49 MOI)...but also townhouses/duplexes in East Vancouver (1.68 MOI).
The sub-market that has lagged our market very consistently for the last couple of years has been Westside houses. This week marked a significant shift with a BIG jump in sales to 39 (from 21) and it moved into a Seller's Market (3.3 MOI) for the first time in nearly a year (March 2021).
This is the first week in nearly a year that EVERY sub-market in Vancouver is, in fact, in a Seller's Market.
There has been some chatter that our market is "shifting" once more. These numbers show no indication that there's any kind of slowdown on the horizon. In fact, it indicates only the opposite.
That being said...we will likely see next week's numbers skewed a bit due to the holiday long weekend. Long weekends tend to paly havoc with market trends as listings get delayed and buyers take a brief break from buying.