Weekly Update – Vancouver Real Estate MLS Statistics December 29th – January 4th | Vancouver Real Estate Blog

This past week was an interesting one for Vancouver real estate. Vancouver homes for sale (listings) dropped substantially. I mean, fell through the floor. We saw a 22.24% drop in active listings in Vancouver East and Vancouver West this past week that resulted in the lowest number of Active Listings since the summer at 3763.

That drop was due primarily to the fact that there was a 2262.79% (that’s not a typo) increase in Expired listings to 1016. This is the highest number of expired listings we’ve seen since I began recording the number. Yes, it’s the end of the month but even comparing end of month numbers this is unusually high.

Other activity remained relatively low. There were only 66 new listings (+164%) and 54 sales (+42.11%). With everyone having holidays on their mind, and the onslaught of Snowmaggedon in Vancouver, it’s little wonder we didn’t see much activity.

Given all of that, these look like some promising signs for the Vancouver real estate market. A lot of excess was taken off the market, despite being slow, there were serious buyers out there looking AND buying.

As I’ve been saying (in the Vancouver realtor blog)for a while now, our new reality will only be obvious in the coming months. Will buyers come out and make purchases at some of the bargain prices we are seeing, or will they hold off hoping for still lower prices? Will sellers desperate to sell flood the market, or will only a few offer up their homes for sale.

The Vancouver real estate game isn’t for the feint of heart. Only time will tell…