Week 7 – Market Update
The last week could be summed up in one word; stability. After six weeks of fairly quick and steady improvements for nearly every micro-market last week was a sideways move.
Sales rose only marginally from 252 to 254. New Listings climbed from 351 to 353 and overall Active Listings reached 2,761 (from 2,717 the week before). This all translated to a slight increase in Month-of-Inventory 2.72 (from 2.7)…still squarely in an overall seller’s market.
In terms of micro-markets, East Vancouver continues to be the hotspot for buyers. East Van condos in particular had a very strong showing (MOI of just 1.65) as did East Van townhouses (MOI of 2.09). The parallel markets on the Westside also had a strong showing, but not quite as hot.
The Downtown core appears to be seeing a resurgence of buyer activity. What was one of the weakest micro-markets for much of 2020 has been in a Seller’s Market for the last month. Even downtown townhouses had their best week in the last year with 4 sales.
The stage is set for the coming Spring market. We should start to see listing inventory build steadily in the coming weeks. The test will be if buyer demand can continue to keep pace.
With interest rates at near record lows I suspect they will…competition for good listings will likely continue to be heated…and prices are likely to continue to get pushed up as a result.