Week 37 – Vancouver Real Estate Week in Review (September 6th – September 12th, 2020)
September 13, 2020
Week 37 – Market Update
After three extremely busy weeks in the Vancouver real estate market, the past week saw a shift in the pattern. The last three weeks saw inventory remain level, while sales hit highs for the year.
In the past week, listing inventory rose but sales did not match that pace. The result was that the overall market shifted a little bit more into balanced territory from the seller’s market it had been in for the last few weeks.
This isn’t entirely surprising behavior at this time of year. It’s common for seller’s to launch new listings after the Labour Day long weekend. This is the typical start of the fall market. It’s also not all that unusual to see sales fall slightly as people settle back into their lives after summer.
Interestingly, the strongest micro-market this past week was Westside Houses. That’s a market that has languished for the last few years. It was showing some signs of late, but this is the first week it beat out all other markets. Eastside houses were also relatively strong.
In terms of overall weakness, the Downtown apartment market led the way. However, it’s the Westside townhouse market that has seen the sharpest declines in sales in the last few weeks…an interesting pattern to keep an eye on in the coming weeks.