I hope you and your family enjoyed a safe and healthy BC Day 🏖.

The supply of westside detached homes in July was 536, up 11% from 483 in June and down 23% compared to 697 last year in July 2019. 
Westside detached home sales this July increased 4% from June (76 vs 73) and were 3% lower than July 2019. Detached home sales are still down 27% from the July 10 year average of 104 sales.
Months of Supply, (MOS) in July was up 7% from last month to 7.1 from 6.6 and down 21% from July 2019. (A balanced market used to be in the range between 4-7 MOS with prices rising below 4 MOS and falling above 7 MOS but in the last couple of years that seems to have shifted and now appears to be 8 to 10 MOS). The July average price was up 3% from June to $3.627M and the median detached home price was down 3% to $3.05M. Current prices are down 20% on average & 21% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in July was $17.4M. It was on the market for 11 days before it sold. The lowest price was $1.575M. It was on the market for 18 days. Of the 76 sales, 26 received the asking price or more and 50 sold below the asking price. 
Westside apartment supply increased 12% in July to 1687 vs 1499 in June and this is up 9% from the 1542 listings we had in July 2019. At the same time, demand increased 20% to 339 sales v. 282 sales in June but this is down 4% from 353 sales in July 2019. Apartment sales are still down 10% from the 10 year average of 378 sales.

MOS in July decreased to 5 from 5.3 in June and is up 14% from 4.4 MOS last July 2019.
The average price in July increased 4% - $962 v $927K in June 2020 and was up 10% from June 2019. The median price decreased 2% from June ($735 v $750) but is down 2% from last July. Average and median prices are still down by 20% & 16% from the peak of $1.199M and $880K in January 2018.
Westside townhouse supply increased 7% in July (249 vs 232) from June but that's down 21% from 314 in July 2019. Demand in July is up 24% to 57 sales from 46 in June and that is relatively unchanged from last July 2019. Attached home sales are down 2% from the 10 year average of 58 sales.
With supply up and demand up, current MOS decreased to 4.4 from 5 in June. That is down 22% from 5.6 in July 2019.
Townhouse average prices in July were down 3% to $1.47M from June but were up 15% from $1.28M last July 2019. Median prices decreased 3% to $1.3M from $1.34M in June but are up 10% from July 2019. Average prices are still down 18% from the peak of $1.8M in January 2018. Median prices are down 16% from the peak of $1.519M in January 2018.
While west side listing supply in July has increased, it is down from the 10 year average by 28% for detached homes, up 12% for apartments and up 2% for townhomes.

Demand in July was down from the 10 year average by 27% for detached homes, 10% for apartments and 2% for townhomes.

Median home prices are down from June and off from the peak, by 22% for Detached homes, 16% for Apartments and 16% for Attached Homes so all property types still appear to be good value for Buyers. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region increased 22.3% to 3128 this July from 2557 sales in July 2019. This is a 28% increase from the 2443 homes sold in June 2020. 

June 2020 sales were 9.4% above the 10-year May sales average. (Regional stat)

The total number of properties currently offered on the MLS® system in Metro Vancouver is 12083, down 15.1% from 14240 in July 2019. This is up 5.8% from last month.

For all property types, the sales-to-active listings ratio for July 2020 is 25.9%.
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.

Regional numbers are now above historical 10 year averages, so westside properties, below the the 10 year averages are better relative value. Except for detached houses, current supply is up and that is resulting in softer prices in the face of moderate demand.

Many people who were holding off listing their homes because of Covid have gradually been coming back to the market. Buyers in the market today are still frustrated by the lack of good homes to buy and sharply priced homes are receiving multiple offers and increased selling prices. The short supply and steady demand will keep pressure on buyers even if prices soften. Current prices are still well below the peak and are therefore good value. 

This is still a Buyers market so if you have been thinking of making a purchase the increasing supply and low interest rates should factor in your favour.

Be kind and be careful.

Best regards,