Weekly Vancouver Real Estate Update – May 24th 2009 – The Market Keeps Getting Stronger | Vancouver Real Estate Blog

The week of May 18th – May 24th was another stellar week in the Vancouver real estate market. In fact, it’s really the best week we’ve seen…in at LEAST a year.

Being on the ground, I’m quite aware of just how strong the real estate market has become (and if you are reading this blog, you’ll know it’s been building up for quite a while). However, it’s surprising me just how strong these statistics are showing the market to be.

New Listings fell (for 8/11 weeks) from 354 down to 302. That’s a significant decline of -14.69%. Seeing New Listings continue to fall in the Spring market is surprising. Many observers predicted we’d see a glut of listings come on the market this spring.

Sales fell (-4.98%) to 286 from 301. Of course, it would have been even better to see this number continue to rise but a slight drop isn’t significant. The number is still well above (eg double) what we were seeing just two and a half months ago. This is just the second time in the last seven weeks that sales fell.

The Sell/List ratio jumped into new territory. It rose 9.67 to 94.7%. We were already at an annual high with the Sell/List last month, but it rose even higher and is flirting with the 100% level.

For the last two weeks I have been commenting on how the number of Active Listings were getting near the annual low of 3763 which we saw in the first week of the year. This week we actually broke that number when Active Listings fell (-1.37%) to 3749.

I can’t wait to see what the next week will bring.

Weekly Vancouver MLS Real Estate Stats - May 18th - 24th 2009

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On June 22nd, 2009 I will be attempting to break the record for the most ascents of the Grouse Grind for charity. The Royal LePage Shelter Foundation is an incredible organization which is there to help women and children suffering from domestic abuse. Of every dollar donated, 100% goes directly to those in need (Royal LePage covers all administrative costs of the charity).