West side detached home listing supply in Mar. was down from the 10 year average by 29% for detached homes, but up 2% for apartments and 18% for townhomes.
Demand in Mar. was up from the 10 year average by 6% for detached homes, 48% for apartments and 58% for townhomes.
Median home prices in Mar. are off from the peak, by 8% for Detached homes, 13% for Apartments but up 2% for Attached Homes so detached homes and apartments are still good value for Buyers.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 126.1% to 5,708 this Mar. from 2,524 sales in Mar. 2020. This is a 53.2% increase from the 3,727 homes sold in Feb. 2021.
Mar. 2021 sales were 72.2% above the 10-year Mar. sales average.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 9,145 down 4.8% from 9,606 in Mar. 2020 but up 9.4% from 8,358 last month.
For all property types, the sales-to-active listings ratio for Mar. 2021 is 62.4%.
Downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while upward pressure occurs when it surpasses 20% over several months.
There remains a high level of optimism in the market and listings are starting to come on to the market in the spring to take advantage of that. Currently the westside detached homes are still undersupplied along with the attached and apartment markets.
The typical, seasonal demand is higher this year as travel plans are curbed due to Covid and buyers are staying at home and buying real estate. This is increasing pressure on supply and prices have been rising in March for detached, attached and apartments.
Buyers in the market today are frustrated by the lack of supply and sharply priced homes are receiving multiple offers with prices over the ask. Short supply, low interest rates and steady demand will keep pressure on buyers but current prices are still good value.
Be kind and be careful 💝🍬🍫 !