Sales for August hit over 3,000 yet again for 7 straight months this year which is the first time we've seen this since 2015. In terms of total number of sales for the entire year of 2021, it is at a record setting pace. It is unfathomable at this point that sales this year will in fact exceed that of the infamous 2016 during the era of foreign buyer frenzy.
Total inventory continues to collapse in Greater Vancouver as it is headed toward record low as we are approaching September. Although there will likely be an increase in TI in September, it will land in the mid 9000s and uncertainly under 10,000 to keep it at pace for record low inventory for the month of September. There seems to be little doubt at this point that inventory will head down to 6,000 by the end of the year making it one of the lowest total inventory we have seen during the last 4 months of the year.
New listings absolutely plummeted in July recording one of the lowest new listing for the month of July. There is a mild recovery of new listing in August but it is still very much under 10-year average according to the chart above. I suspect that new listings will bounce up as it typically does in September to the range of 5,000 to 5,500. It should be the last chance for the buyers to see some new listings before the season winds down.
At-asking and Above asking sales have remained steadily high at 40-45% in REBGV, 55-65% in FVREB (Fraser Valley Real Estate Board) and 55-65% in Chilliwack. This suggests that there are many buyers who have previously been outbid that will be buying the spike of new listings coming in September. Sales should continue to remain high and absorb the spike of new listings in September.
Months of inventory has hit the record low for the month of August. Yes, we have never seen the Month of Inventory this low ever in REBGV. Sales-to-active listing ratio has never been this high ever in REBGV. The only question left to be answered is, "For how long will the MOI continue to remain at all-time high?"
Delistings are finally falling to the typical bull market range toward where you see lines for 2009, 2015, 2016 and 2017. This is expected of course as total inventory has absolutely tanked under 10,000. There are only so many properties that can be delisted in the face of 3000+ home sales monthly for 7 consecutive months while total inventory is under 10,000. I expect de-listings to remain in this range between 1,400-1,900 for the next 3 months, which is a very typical finding during the bull market.
