Weekly Vancouver Real Estate Update – August 24th 2009 – Supply Drops (again) | Vancouver Real Estate Blog

This past week was very similar to the week that came before. Sales and listings both fell off, but stayed in line. It looks as though the market is taking a bit of a breather in the last couple of weeks of August (if such strong numbers could be called a pause).

New Listings – Vancouver

Once again, New Listings fell off slightly during the past week. We went from 369 the week before to 363 this past week. I would expect these numbers to begin increasing once we pass the Labour Day weekend.

Home Sales – Vancouver

After an annual high of 383 two weeks ago, this was the second week in a row that Sales dropped. They fell a modest -4.92% to 290 from 305. As with last week, this is still a strong seasonal number for the month of August.

Sell/List Ratio – Vancouver

Still incredibly high, this week saw the Sell/List ratio fall to 79.89% which was off (-2.77) from 82.66% the previous week.

Price Change – Vancouver

Price changes rose slightly to 99 from 73 in the previous week. This was the first time in four weeks that we saw this number rise.

Active Listings – Vancouver

Week after week this number has been dropping (every week is a new record low). The decline has been slowing the last couple of weeks which may indicate that we are bottoming and we might be able to expect this number to begin to rise in September. The new low this week is 3093 which is only a slight (-0.13%) drop off the 3097 that we saw last week.

The Bottom Line

We saw a one week break during the first week of August where the market showed regular summer weakness. Since that point, we’ve now had three full weeks of unusual strength for mid-Summer. New Listings are coming to market, but buyers are purchasing just about everything that sellers are offering and the result is that active listings on the market continue to drop.