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...

Are you a frustrated buyer in Vancouver's real estate market?
You aren't alone!
This past week's numbers reinforce the experience of many out there right now. Demand exists but it's the supply that isn't co-operating...remaining unseasonably low.
Yes, new listings did actually rise in the last week. Going from 339 to 362. But that is just a trickle of new listings at what is normally our second busiest listing season (next to the Spring Market).
And sales did edge SLIGHTLY lower (from 240 to 230). But again, we are well above the 200-sale threshold...and I would suggest that this number would be higher IF buyers actually had inventory to choose from!
Overall, our market (for the second week in a row) is in a Seller's Market (3.8 months-of-inventory). East Van and Westside townhouses led the strength with 2.39 and 2.86 MOI respectively. Condos also continued strong Seller's Markets throughout the city.
On the weak side Westside houses (6.57 MOI) didn't relinquish the crown it's been carrying for...

It looks as though the fall market has arrived. The 38th Week of 2021 (September 12th - 18th) was the first full week after the Labour Day long weekend...and with that we officially moved out of a traditionally slower period.

 

Sales rose for the first time in a month. Moving solidly over the 200 mark to 218 (from a low of 166). Overall active listings also rose for the second week in a row to 3,616 (from 3,487). New listings had a strong week but did dip from 492 to 440.

 

Our market found itself in a balanced market with 4.15 months-of-inventory...the lowest number we've seen in a month...and edging once more to a seller's market.

 

Nearly every sub-market saw increasing demand in the last week. The hottest sub-markets in the last week were townhouses across the city, but specifically East Van (2.3 MOI) and the Westside (2.69 MOI). The only sub-market to move in the opposite direction was Westside houses. That market wen from 9.03 MOI to 10.35 and saw just 18 sales.

 ...

The last week in the Vancouver real estate market was another quiet one. That shouldn't be a surprise to anyone as it was the week of the Labour Day long weekend.

You'll have heard me talk about it before, but long weekends always have a significant impact on the market. And this is the biggest one of the year when just about everyone squeezes in their final summer holiday...and just about the last thing they are thinking about is buying real estate.

That would explain why total sales were down to just 166. That's the lowest number of sales we have seen since Week 3 way back in January of this year. 

Meanwhile, new listings rose dramatically to just shy of 500. Total active listings jumped to just shy of 3,500. Again, no surprise there as many agents and their clients are positioning themselves for the fall market...a time when we often see listings rise after the summer holidays are behind us.

The only sub-market that was still in seller's territory was East Van condos. Every other...