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...

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...

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...