Week 8 – Market Update
While no one was looking the market got a little bit softer in the last week.
Sales fell from 254 to 224 while total active listings edged higher to 2,794 (from 2,761 the week before). The result? We found ourselves shifting a bit closer to a balanced market…but still in seller’s market territory with a months-of-inventory of 312 (2.72 the week before).
Most micro-markets followed the overall trend. That includes westside townhouses and condos as well as East Van houses and condos. Sales in all of these micro-markets slowed from the previous week and inventory grew. But there were a few bright spots, too.
The hottest market in the last week were East Van townhouses with just 1.63 months-of-inventory. Westside houses and Downtown condos also edged further into seller’s market territory.
Despite these underlying shifts, East Vancouver remains the driver of our market. And overall, the most activity that we are seeing is focused on the “affordable” price points relative to each micro-market.
After a few weeks of steadily improving numbers, we may have stalled out. It’s something that I’ll be watching very closely in the coming weeks. But, I believe what is likely happening is that the best listings have already been soaked up in the first few weeks….and that buyers are sitting and waiting for good listings to hit the market.
We will see if this plays out or not…if I’m wrong, then the increasing numbers of new listings that will be hitting the market in the coming weeks will see a dwindling amount of demand. But, I don’t believe I’m wrong. I think that the demand is there…it’s just waiting for better quality.
Vancouver West (Westside)
East Vancouver (Eastside)