The story this week returns to a recurring theme; a lack of inventory.

Sales rose sharply to 269 (from 224). We'd been flirting with numbers at the lower end of the 200s. This is just the second time we've had sales this high in the last 3 months.

New listings fel to 253 (from 307). That's the lowest number of new listings we've had in the last 3 months...and it's likely a number that we'll see continue to drop in the coming weeks as the holidays approach.

Total active listings fell to 3,064 (from 3,175). That's the lowest we've had supply since way back in mid-March of this year.

With demand rising, and suppply dropping we movd further into a seller's market. Months-of-inventory dropped to 2.85 from 3.54.

East Vancouver remains the hot-point of our market. This week, it was led by East Van townhouses with just 1.54 MOI. Followed closely by EV condos (2.1 MOI) and EV houses (2.51 MOI).

The sharpest move was made downtown. The downtown condo market wasn't the strongest market, but it did...

For the most part, the last week was a week of stability. Little changed from the previous week.

Sales edged higher to 224 (from 218). New listings jumped to 307 (from 279)...but total active listings fell slightly to 3,175 from 3,206.

Overall, the market tightened up a little bit. Moving slightly further into a seller's market with 3.54 MOI (from 3.68).

The hottest sub-market changed hands in the last week. East Van townhouses recaptured that title with a big uptick in sales (21 from 11) and 1.89 MOI. The only other sub-market with a MOI below 3 was East Van condos with 2.12.

East Van houses had the sharpest improvement. Sales more than duoubled from 15 to 32 pushing the MOI down to 3.09. As suspected, last week's numbers were just anomaly for this sub-markets it returned to it's regular torrid pace.

There was no change to the weakest sub-market. Westside houses continue to dominate that space. This week sales fell slightly to 23 (from 25) with a 6.89 MOI...and the only buyer's market in...

Both sales and new listings dipped this past week. Is it the start of the holiday season, or just a one-off? That's the question.

In the last six weeks, the sales numbers have been strong. However, one strong week has typically been followed by a weak week. This week may just be a continuation of that pattern...maybe.

Whatever the case, the sales number is still strong for this time of year (218 vs 240 in the previous week). We remain over the 200 sale threshold (where we've remained for the last 2.5 months).

New listings dropped dramatically from 352 to just 279. It looks like that number last week may have just been a flash in the pan. It's likely that we will see the new listing number continue to dwindle into the coming weeks.

Interestingly, total active listings rose (from 3,159 to 3,206). That's the first rise in listings in the last two months...although it wasn't significant, it is notable.

Our market remains in a seller's market with 3.68 months of inventory (up from 3.29). Condos...

October saw recent trends continue...going against what we often see at this time of year. Demand continued to rise, while supply shrank, further pressuring prices.

The real story here is demand. It's been unusually high all year (remember those record setting months in the spring?). While we are no longer setting records, the numbers remain unseasonably high.

October had 986 sales. That was about 5% over last month and over last year. But it was an astoishing 22% over the 10-year average.

Meanwhile, supply has been shrkinking.

In October there were 1,446 new listings. That was down 22% from the month before as well as the previous year. It was SLIGHTLY over the 10-year average (+2%).

Total active listings fll to 3,423. 10% lower than September and 22% below the previous year. It was also 8% below the 10-year average.

That combination means that there's continued upward pressure on prices throughout the city. The one exception is Westside houses (-1.3% month-to-month)...which makes sense...

The last week saw the general trend of heightened demand and limited supply continue. 

 

There were 240 sales in Vancouver (up slightly from 231). For the most part, we've been bouncing around in the mid-200s for weekly sales throughout the fall. No change there.

 

It was the number of New Listings that was a bit of a surprise. After languishing for much of the last couple of months we saw a big uptick going from 302 to 352. That's the most we've seen in the last 5 weeks.

 

And yet, Total Active Listings fell once again. We hit 3,159 (down from 3,255). That's the lowest number of active listings since WAY back at the end of March 2021.

 

We continue to find ourselves in a Seller's Market. This past week we dropped to 3.29 MOI. In the last 3 months, the two lowest MOI (indicating a Seller's Market) were in the last 3 weeks.

 

The hottest sub-markets were East Van condos (2.02 MOI) and East Van houses (2.95 MOI). The EV condos have consistently led our market...

Our recent trend continued in the last week of Vancouver real estate. Demand was strong and supply continued to shrink.

Sales did drop from 267 to 231. However, we remain well above the 200 mark...as we have now for the seventh straight week.

New listings, meanwhile, continue to trend lower. There were 302 new listings in the last week which was down from 321. Total listings also dropped to 3,255 from 3,384. That's the lowest number of active listings we've had since mid-August.

Overall, our market is in a seller's market with 3.52 MOI (up from 3.17 MOI in the previous week). All sub-markets EXCEPT westside houses found themselves still in a seller's market.

The westside house market is the only sub-market in buyer's market territory. This past week it was 6.32 MOI (up from 4.86). East Vancouver townhouses (1.63 MOI) and condos (2.14 MOI) were the hottest.

This remains a "hot" market with seller's mostly in control. The most activity continues to be in the more "affordable" price segments...and...

The trend that started just after Labour Day continued this past week.

Demand increased, while supply dwindled.

That trend broke in the previous week (Week 42), but it looks as though that was just a temporary blip.

Sales increased to 267 (from 218). Since the end of May, that was only the second time that sales were over 250.

New listings declined to 321 (from 344) and total listings fell to 3,384 (from 3,452). That's the lowest number of listings we've had since the beginning of July.

With a week like that, it's no surprise that every sub-market but one was a seller's market (overall, we had just 3.17 MOI). The one exception was for Westside houses...but it was the best week for Westside houses in months (4.86 MOI).

The hottest sub-markets were East Van condos (2.03 MOI) and Westside condos (2.6 MOI). East Van houses had one of their strongest weeks in months as well with just 2.62 MOI (jumping from 27 to 41 sales).

The lack of inventory continues to hamstring our market. It's unlikely...

There was a distinct change of tone in the last week.

 

Recently, we were seeing a steady rise in demand while supply shrank. The market softened a little in the last week. New listings rose while sales dropped and we moved closer to a balanced market overall.

 

There were 218 sales in the last week, down from 248. This was the lowest number of sales we've had in the last month.

 

Meanwhile, new listings rose from 327 to 344...just the second week in a row that new listings increased...but that pushed total active listings slightly higher to 3,452 (from 3,446.

 

After a month of being in an overall seller's market the months-of-inventory rose to 3.96. That's still a seller's market but it's right on the edge of being balanced.

 

The hottest sub-markets continue to be East Van condos (2.13 MOI) and townhouses (2 MOI). Westside houses are the slowest (7.63 MOI) but it was Downtown condos that saw the biggest change...going from 4.12 MOI to 5.46 with a drop in sales...

After a brief bump in new listings, this fall market has been characterized by a lack of options. The first week of September saw nearly 500 new listings come onto the market...but instead of stabilizing or raising, new listings have done nothing but decline for the last four weeks (dropping to 327 this past week).

 

Meanwhile, sales aren't setting the world on fire. But, they have been steady for the last month. Sales increased from 230 to 248 in the last week.

 

Overall, active listings hit 3,446. That's the third consecutive week that they've DECLINED. Unusual, for this time of year and an indication of the strength in demand.

 

The general pattern for the last month is that the market has been moving further and further into a seller's market. Buyer demand is steady, but more than anything it is the supply side that is limited.

 

If you are looking to buy right now, you will find that almost every sub-market is in a seller's market. That's true especially for everything...