Greetings!

The supply of westside detached homes in March was 605, up from 559 in February and up 12% compared to 541 last year in March 2021. 
 
Westside detached home sales this March increased 21% from February (122 vs 101) and were 14% lower than March 2021. This is 7% lower than the March 10 year average of 131 sales.
Months of Supply, (MOS) in March is down 10% from last month to 5 from 5.5 in February and up 30% from March 2021. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The March average price was up 5% from February to $4.09M and the median detached home price decreased 4% to $3.507M. Current prices are down 10% on average & 1.3% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in March was $10.2M. It was on the market for 1 day before it sold. The lowest price was $1.865M. It was on the market for 116 days. Of the 122 sales, 64 received the asking price or more and 58 sold below the asking price.
Westside apartment supply increased 7% in March to 1239 from 1156 in February and decreased 5% from the 1302 listings we had in March 2021. At the same time, demand increased 22% from 490 sales in Feb 2022 to 600 sales and this is down 5% from 628 sales in March 2021. Apartment sales are up 35% from the 10 year average of 446 sales.

MOS in March decreased 13% to 2.1 from 2.4 in February and this unchanged from 2.1 in March 2022.
 
The average price in March decreased 3% ($1083 v $1115K) from February 2022 and was up 17% from March 2021. The median price was down 2% from February ($867 v $880) and is up 13% from March 2021. Average prices are still down by 10% from the peak of $1.199M and and median prices are down 2% from the peak in January 2018.
Westside townhouse supply increased 1% in March from February (209 vs 207), and was down 18% from March 2021 (209 v 256). Demand in March is up 7% from February (75 vs 70 sales) and down 30% from last March 2021 (75 v 107). Attached home sales are up 10% from the 10 year average of 68 sales.
 
With supply relatively unchanged and demand up, current MOS decreased 6% to 2.8. That is up 16% from 2.4 in March 2021.
 
Townhouse average prices in March were down 8% from February at $1.68M and were up 3% from $1.628M last March 2021. Median prices were down 10% in March (1.625M v 1.798M) and are up 5% from March 2021. The average price is down 6% from the peak of $1.8M. The median price is up 6% from the peak of $1.519M in January 2018.
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! 🥚🐇🐾

Best regards,

Stuart