The March west side detached home listing supply was down 9% from the 10 year average, apartment supply was up 7% from the 10 year average and townhome supply was up 1% from the 10 year average.
Demand in March was down from the 10 year average by 7% for detached homes, up 35% for apartments and up 10% for townhomes.
Median home prices in March are off from the peak, by 9% for detached homes, are off 2% from the peak for apartments and up 6% for attached homes. Detached homes are selling below peak prices and are still good value for Buyers but apartments are almost at the peak and attached homes have surpassed the peak.
The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region decreased 23.9% to 4,344 this Mar. from 5,708 sales in Mar. 2021. This is a 26.9% increase from the 3424 homes sold in Feb. 2022.
Mar. 2022 sales were 25% above the 10-year Mar. sales average.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 7,628, down 16.6% from 9145 in Mar. 2022 and up 13.1% from 6742 last month.
The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,360,500 which is an 20.7% increase over Mar. 2021 and is up 3.6% over last month.
We know what $1.36M will buy on the west side so detached westside homes (avg. $4.09M) are not getting that level of heat but west side townhome sales are and apartments are not far behind.
For all property types, the sales-to-active listings ratio for Mar. 2022 is 56.9%. For detached homes it is 38.8%, attached homes are 73.3% and apartments are 70.3%.
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.
Westside supply peaked in June 2021 and demand is down since the peak in March so prices were softening until Nov. when they peaked and subsequently came off. Demand is on the way up and supply is increasing but unique & sharply priced homes are still receiving multiple offers with prices over the ask.
The Westside supply is coming on and while current prices for detached homes are still below the peak, apartments are flirting with peak prices and attached home prices are higher than ever. Interest rates are rising and we have yet to see what that does in concert with more supply
Recent news reports speak about the need for more new and affordable housing but no one has yet put forth a plan to make that happen. I hope that does come to pass.
As always, supply and demand will determine prices!
Happy Easter! 🥚🐇🐾