The supply of westside detached homes in March was 541, up from 418 in February and down 17% compared to 486 last year in March 2020. 
Westside detached home sales this March increased 69% from February (142 vs 84) and were 34% higher than February 2020. Detached home sales are 6% higher than the March 10 year average of 134 sales.
Months of Supply, (MOS) in March is down 23% from last month to 3.8 from 5.0 in February and down 17% from March 2020. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The March average price was up 15% from February to $4.07M and the median detached home price increased 8% to $3.55M. Current prices are down 10% on average & 8% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in March was $20.3M. It was on the market for 5 days before it sold. The lowest price was $1.96M. It was on the market for 2 days. Of the 142 sales, 65 received the asking price or more and 77 sold below the asking price.
Westside apartment supply remained relatively unchanged in March to 1302 from 1309 in February and increased 17% from the 1109 listings we had in March 2020. At the same time, demand increased 41% to 628 sales v. 445 sales in February and this up 103% from 309 sales in March 2020. Apartment sales are up 48% from the 10 year average of 425 sales.

MOS in February decreased 30% to 2.1 from 2.9 in February and this is down 42% from March 2020.
The average price in March increased 3% - $929 v $903K in February 2020 and was down 5% from March 2020. The median price was up 4% from February ($768 v $735) and is down 3% from last March. Average and median prices are still down by 23% & 13% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply increased 23% in March from February (256 vs 209), and increased 24% from 407 in March 2020. Demand in March is up 70% (107 v 63 sales) from February and that is up 110% from last March 2020 (107 v 51). Attached home sales are up 58% from the 10 year average of 68 sales.
With supply up and demand up, current MOS decreased to 2.4 from 3.3 in February. That is down 41% from 4.1 in March 2020.
Townhouse average prices in March were up 6% from February ($1.63M v $1.53M) and were up 24% from $1.3M last March 2020. Median prices were down 16% ($1.55M v $1.33M) in February and are up 26% from March 2020. Average prices is down 9% from from the peak of $1.8M. The median price is up slightly from the peak of $1.519M in January 2018.
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 💝🍬🍫 !

Best regards,

Stuart 🍃🌳