The "weakness" in our market was short-lived.
While one week can just be an anomaly, the anomoly appears to have been the "slower" week.
It really does appear that any shift in our market was simply due to the Family Day Long Weekend as our market returned to it's torrid pace this last week. In fact, if anything, the pace has increased.
Sales jumped from 238 to 316. That's a high for 2022 and the highest number of sales that we've seen since May of 2021.
New Listings also jumped from 401 to 477. Also a high for 2022 and the highest number since the second week of June 2021.
However, what changed very little was the Total Active Listings on the market. That rose to 2,688 from 2,685...so we had a significant increase in demand with very little change in supply.
The result was that we fell deeper into a Seller's Market with an astonishing 2.13 Months-of-Inventory across the City of Vancouver...the lowest number that I've recorded.
EVERY sub-market saw an increase in Sales in the last week...and nearly every sub-market was an extremely hot Seller's Market. Condos are in particularly high-demand with East Van leading the way with just 1.32 MOI.
It's worth mentioning that there has been a significant shift in the Downtown condo market. This market has traditionally led our market...but the onset of COVID saw demand drop significantly.
Recent weeks are showing that demand has returned to the Downtown market with a vengeance. This past week the MOI fell below 2 for the first time since the pandemic began.
It appears that we are in for a very busy spring. Usually, market activity only ramps up from now into April and May...and these numbers are showing that's likely.
However, we do have Spring Break coming NEXT week...which may play some havoc with numbers as families take time away from their home searches.
Vancouver West (Westside)
East Vancouver (East Van)